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A compensation offer has been made to former workers at the Visteon car parts business in Swansea, whose pensions were affected when the company went into administration.
The settlement, thought to be worth millions of pounds, was agreed between the Unite union and Ford, who owned the business before selling it ten years ago.
Former workers were in London today to hear the news.
Tom Sheldrick reports.
The Unite union described its talks with Ford as "lengthy but constructive".
A settlement has been reached to offer compensation to former workers at Visteon, five years after the car parts company went into administration, hitting employees' pensions.
Unite said it had concluded an agreement with Ford, which sold off the car parts business to Visteon over a decade ago.
It is understood that around 1,200 ex-workers from factories in Swansea, Basildon, Essex, Enfield in north London and Belfast will be covered by the settlement.