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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 (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 deficit | Pension 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 freeze | Pay 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. |
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