UPDATE 3-Visteon to cut plants, workers in deal with Ford

Newswire

(Recasts, adds analyst and Ford CFO comments, details, updates stock prices, dateline previous NEW YORK) DETROIT, May 25 (Reuters) - Ford Motor Co. said on Wednesday it would spend up to $1.15 billion to bail out auto parts supplier Visteon Corp. , allowing its former subsidiary to slash costs by unloading unprofitable plants and 17,400 highly paid employees. Shares of Visteon, which was spun off from Ford in 2000 but has struggled to post profits, rose 13.7 percent. The agreement ...

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