Ford Motor Co sold a former assembly plant in Virginia to a group that includes an Atlanta-based real estate developer and a Belgium-based global logistics provider, the automaker said on Friday. Ford, which did not disclose the terms of the sale, sold the Norfolk assembly plant to Jacoby Development Inc, a company that focuses on repurposing abandoned industrial facilities. As part of the deal, Jacoby sold a portion of the 100-acre plant to logistics company Katoen Natie.
KTN plans to spend $10.5 million to buy its portion of the plant and refurbish the body shop, according to the release. The company will also buy $1.5 million in new equipment. The project is expected to generate 225 new jobs. Ford built the Model T and the F-150 pick-up truck at the Norfolk assembly plant, which opened in 1925.
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