Posted on 08/01/2006 5:30:33 AM PDT by OpusatFR
SHANGHAI, Aug 1 (Reuters) - Fuyao Group Glass Industries Co. Ltd. (600660.SS: Quote, Profile, Research), China's biggest auto glass maker, is set to bid for North American glass making assets of Ford Motor Co. (F.N: Quote, Profile, Research), two sources familar with the matter said.
Automotive Component Holdings LLC, a parts subsidiary of Ford, is discussing the sale of glass manufacturing operations and other assets as part of the U.S. auto maker's restructuring.
Fuyao has held two rounds of talks with Ford and has been selected to submit a final bid for the glass assets, a source told Reuters. The information was confirmed by a second source on Tuesday.
(By Fang Yan and George Chen, editing by Ken Wills; yan.fang@reuters.com; 86 21 6104 1795)
Selling the Chicoms anything is a bad idea, period. We are selling jobs and security to the very slimebags who want to destroy us. Disgusting idea for many reasons.
Think Chicaps instead of Chicoms and the future looks bright.
Actually its like that article I saw on Yahoo about the US selling Graphite to the Chicoms. Either the US sell something like this to them, Or the French will...
and these Glasses Factories arent stratigic assets, They do have jobs at stake, But remember if the commies do fire them, They will have a sudden increase in their unemployement tax.
Even if they are strategic assets, the factories are still in the US.
FYI -
Automotive Component Holdings LLC is the company Ford setup last year when they bailed out Visteon. Visteon was losing unbelievable sums of money, and Ford came in and bought 23 money losing plants off Visteon.
That deal allowed Visteon to continue production without the risk of bankruptcy and shut down (which would have been a huge blow to Ford, as they rely heavily on Visteon for parts).
Ford, in turn, planned to sell off the plants to other companies interested in restructuring the assets.
These glass making plants were part of the deal. The deal for Ford to take control was announced 11 months ago. The plants never were to remain in Ford's control.
To give you an idea of how uncompetitive these plants were, last year Visteon ran these plants and they had a $1.21 billion operating loss in 2Q05. In 2Q06 they recorded a $50 million net profit.
Even the defense contractors are going to China too.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.