DETROIT (Reuters) - The United Auto Workers union on Monday said members have approved Ford Motor Co.'s (F.N) over $1 billion plan to bail out auto parts maker Visteon Corp. (VC.N), clearing the way for its former subsidiary to unload unprofitable U.S. plants and 17,400 highly paid employees.þþVisteon and Ford in May announced details of an agreement to restructure the struggling parts maker into a much smaller and consistently profitable business by eliminating high wage positions and unprofitable parts lines.þþFord will now be able to buy out about 5,000 of the UAW workers under the proposal to reduce costs at the plants. In all, Visteon would return 24 plants to Ford, which plans to put them into a separate Ford-owned entity so most can be buffed up and sold. þþ
Source: NY Times
