The French company said it will expand production at the site to including components for the green energy sector.

'These projects will include the manufacturing of large bearing rings for wind turbines, an extension of the existing heat treatment facility at Blanquefort, joint ventures with an Italian and a German company to manufacture transmission-related parts and other activities related to metal treatment,' said Markus Ziegler, president of HZ Holding. 'To implement these projects we will be cooperating closely with three companies in the automotive and renewable energies sector. Our major cooperation partner is Johann Hay Automobiltechnik, a highly regarded German automotive supplier. We already have a very positive relationship with them through joint work at Ascoforge, a French forging company acquired by HZ Holding in 2007.'

The factory will continue to supply automatic transmissions to Ford until 2011. Ford said it would work closely with HZ Holding in identifying new automotive industry customers for the Bordeaux-made automatic transmissions.

The deal is still subject to regulatory approval, but the Dearborn automaker said it hopes to complete the sale by the end of April.