From M2 Communications
INDIANAPOLIS — Ford Motor Co. announced it will close its Indianapolis steering systems plant by the end of 2008. The Indianapolis plant, which has about 1,700 workers, was one of several Ford took back in a bailout of Visteon Corp., a supplier Ford had spun off.
Ford created Automotive Components Holdings in 2005 as a subsidiary to try to find new owners for the plants. Ford has been unable to find a suitable buyer for the plant, which opened in 1957 and has been outpaced by changing automotive p rod uction. The plant makes hydraulic steering systems, while much of the industry, including Ford, is switching to electronic systems.
Most of the 1,500 hourly workers and 200 salaried workers at the plant already have accepted buyout or retirement offers. P rod uction jobs at the plant start at more than $26 an hour, excluding benefits.
(C) 2007 Investrend Communications, Inc.