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Car parts plant future uncertain Car parts plant future uncertain
(about 6 hours later)
The future of a Swansea car parts plant remains uncertain after management of the Visteon Corporation confirmed that they plan to sell the factory.The future of a Swansea car parts plant remains uncertain after management of the Visteon Corporation confirmed that they plan to sell the factory.
Around 500 people are employed at the plant which makes axles and brake systems mainly for Ford.Around 500 people are employed at the plant which makes axles and brake systems mainly for Ford.
The firm, which also has factories in Essex and Belfast, has in the last six years lost $500m. The firm, which also has factories in Essex and Belfast, has in the last six years lost $500m (around £262m).
Bosses have said they are unwilling to continue its financial subsidy for an unprofitable arm of the company.Bosses have said they are unwilling to continue its financial subsidy for an unprofitable arm of the company.
Union leaders have rejected a restructuring package to save the plant saying it would mean a pay freeze for two years.Union leaders have rejected a restructuring package to save the plant saying it would mean a pay freeze for two years.
Workers will now vote on the package on offer.Workers will now vote on the package on offer.
Pension deficitPension deficit
The company has said it intends to keep the plant in Belfast and sell the Swansea factory.The company has said it intends to keep the plant in Belfast and sell the Swansea factory.
It blamed an "unsustainable business footprint, labour costs and a substantial pension deficit" for the decision.It blamed an "unsustainable business footprint, labour costs and a substantial pension deficit" for the decision.
Company bosses have said they are "disappointed by the union representatives' position to not support the package".Company bosses have said they are "disappointed by the union representatives' position to not support the package".
A spokesman warned: "The failure to implement the restructuring package will have serious consequences for all those who depend on Visteon UK for employment or pensions."A spokesman warned: "The failure to implement the restructuring package will have serious consequences for all those who depend on Visteon UK for employment or pensions."
But a spokesman for the T&G union said the union had known for some time about the company's plans for Swansea.But a spokesman for the T&G union said the union had known for some time about the company's plans for Swansea.
Pay freezePay freeze
He said he hoped it could be sold with as many of the workforce as possible retained.He said he hoped it could be sold with as many of the workforce as possible retained.
He said that regarding the ballot, the union didn't support what the company was proposing as: "it was basically a pay freeze for two years".He said that regarding the ballot, the union didn't support what the company was proposing as: "it was basically a pay freeze for two years".
He added that many workers at the firm were concerned over the deficit in the company pension scheme.He added that many workers at the firm were concerned over the deficit in the company pension scheme.
Although much of the Swansea plant is empty, there has been speculation about other companies who are thought to be interested in taking over.Although much of the Swansea plant is empty, there has been speculation about other companies who are thought to be interested in taking over.
In February, 230 jobs at the plant moved to a plant in Bridgend. It followed 90 jobs which moved in January.In February, 230 jobs at the plant moved to a plant in Bridgend. It followed 90 jobs which moved in January.