The buyer of the plant is a so called “German industrial group”, Economy Minister Christine Lagarde was quoted as saying by Reuters French . "The factory will not close," continued Lagarde. "All the jobs have been saved."
She also assured workers that the buyer and the French public authorities reached a deal so that activity remains located on the existing site, near Bordeaux.
The only clues to the buyer's identity was Lagarde's statement, in which she said the plant had been bought by a “family-owned German company, specializing in auto and wind power components.” Further details about the buy, such as the buyer and the amount of money the plant has been sold for, are expected later today.
The facility was used by Ford as a gearbox and gearbox component manufacturing unit for its Fiesta and Focus models. The plant employs about 1,600 people at Blacquefort, and has a history in the area dating as back as 1917.
Beside plants being sold, Ford has been looking for a buyer for Volvo. While selling factories may be seen as both a way to cut losses and save jobs, the real money for the troubled company may come only from selling its subsidiaries.
Ford plans to sell Volvo for no less than $10 billion, after buying the company in 1999 for $6.45 billion.
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