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.

Kitz explains that Price is pursuing the acquisition based on his experience in many diverse businesses (including oil, gas and commercial real estate).

"Mr. Price believes there is significant opportunity for growth and expansion of the domestic glass manufacturing sector," Kitz says.

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 says.

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.

USGNN Home