Ford sets timeline for plant closings

Ford Motor Co. would close plants in Ohio and Michigan by year’s end and another in New Jersey in the first quarter of next year as part of its new four-year agreement with the United Auto Workers, the company said Thursday.

Ford, the world’s second-largest automaker, already had identified the plants for closing but outlined the timetables in a conference call discussing details of the new contract.

Ford also said it would consolidate production at its assembly plant in Lorain, Ohio, with another in Avon Lake, during the term of the pact, and that a plant in Hazelwood, Mo., that produces sport utility vehicles would switch to one shift next year.

Above, Ron Yankovitz takes care of the final dress work on a Jaguar engine at Ford’s Cleveland Aluminum Casting plant in Brook Park, Ohio, one of the plant’s the company is closing by early next year.

Real Estate

Mortgage rates drop

Rates on benchmark 30-year mortgages dropped for the fourth week in a row, good news for people thinking about refinancing their home mortgage.

For the week ending Oct. 3, the average rate on 30-year mortgages dipped to 5.77 percent, down from last week’s rate of 5.98 percent, Freddie Mac, the mortgage giant, reported Thursday in its weekly nationwide survey of mortgage rates. This week’s rate was the lowest since the middle of July, when rates on 30-year mortgages averaged 5.67 percent.

Aviation

Raytheon sells Andover business

Raytheon Co. plans to sell its aerial target operations, affecting 29 employees who now work in the Andover unit.

Sacramento, Calif.-based Composite Engineering, the prospective buyer, plans to move manufacturing operations to California.

The Raytheon unit builds aerial targets for missile testing — a market traditionally dominated by Raytheon, Northrup Grumman and Teledyne Ryan.