Ford and Glass Products Sign MOU for Sale of ACH
Ford Motor Company and Glass Products, a Tulsa-based company solely
owned by Oklahoma businessman Robert Price, signed a memorandum
of understanding (MOU) as the first step in Ford's sale of its Automotive
Components Holding (ACH; formerly Visteon) glass operations in Tulsa,
Okla., Nashville, Tenn., and its subsidiary in Juarez, Mexico.
"We are particularly pleased to announce an MOU for the sale
of glass operations," said Al Ver, ACH chief executive officer
and chief operating officer and Ford vice president. "Sale
of these operations has been in various stages of discussion and
negotiations for many years. We believe this agreement represents
the best option for the continued success of these facilities in
the years ahead."
ACH, a temporary business managed by Ford, was created in 2005
to ensure the flow of critical components to Ford and to significantly
reduce Ford's material costs over time. For the past year reports
have been circulating that Ford was in talks with investors for
the sale of its ACH segments, including its glass operations.
Robert Price, a Tulsa-based private investor, created Glass Products,
the company with which Ford signed the MOU. According to Hilary
Kitz, a Glass Products spokesperson, the company was formed for
the purpose of acquiring domestic glass operations. "Mr. Price
is the sole owner of Glass Products and works with various investment
banking firms during business acquisition transactions," says
Kitz explains that Price is pursuing the acquisition based on his
experience in many diverse businesses (including oil, gas and commercial
"Mr. Price believes there is significant opportunity for growth
and expansion of the domestic glass manufacturing sector,"
The final agreement of the sale is contingent upon a new and competitive
agreement with the UAW, as well as state and local government incentives.
Kitz, however, says Price is confident in the sale.
"However, this is a complex transaction and there are many
details to be worked out over the next several months," Kitz
Price received his undergraduate degree from the University of
Colorado in 1985 and his Jurist Doctorate degree from the University
of Tulsa College of Law in 1989. In 1991 he formed Brooks Energy
Co., which serves as a holding company for his oil and gas interests.
He also owns a real estate holding company that owns and operates
commercial real estate.