Ford Motor Co (F.N) said it has agreed to sell its climate control business, the automaker's last remaining automotive components operation, to Detroit Thermal Systems LLC for an undisclosed price.
The climate control business was part of Ford's Automotive Components Holdings (ACH). ACH was formed in 2005 when Ford took back from its former subsidiary Visteon Corp (VC.N) 17 plants with the intent of preparing each of the plants for a sale.
Detroit Thermal Systems is a joint venture formed by France's Valeo SA (VLOF.PA) and V. Johnson Enterprises. The deal will give Valeo, a global player in thermal systems, a firm foothold in the North American market.
V. Johnson Enterprises, an entity owned by the Detroit entrepreneur Vincent Johnson, holds 51 percent of Detroit Thermal Systems, while Valeo holds the remaining 49 percent.
(Reporting by Sakthi Prasad in Bangalore; Editing by Chris Gallagher)