Ford Motor Company's FCE Bank Plans EUR500 Million 2014 Bond Offering-DJ
November 10, 2009 |
| Dow Jones reported that FCE Bank PLC, a subsidiary of Ford Motor Company, is planning to sell a EUR500 million bond maturing January 17, 2014. Barclays PLC, BNP Paribas SA, HSBC Holdings PLC and Royal Bank of Scotland Group PLC have been hired as joint-lead managers for the transaction, which is expected to price later Tuesday. |
Ford Motor Company Prices EUR500 Million 2014 Bond At 99.643-DJ
November 10, 2009 |
| Dow Jones reported that FCE Bank PLC, a subsidiary of Ford Motor Company, has priced its EUR500 million, 2014-dated high-yield bond through joint-lead managers Barclays PLC, BNP Paribas SA, HSBC Holdings PLC and Royal Bank of Scotland Group PLC. Maturity date is January 17, 2014, coupon is 9.375%, reoffer price is 99.643 and payment date is November 17, 2009. |
Ford Motor Company Announces Pricing Results of Convertible Notes Offering
November 4, 2009 |
| Ford Motor Company announced the pricing of its offering of senior convertible notes due November 15, 2016. Notes in the aggregate principal amount of $2.5 billion will be offered, an increase from the $2 billion previously announced. The notes will be senior unsecured obligations of Ford and will bear interest at a fixed rate of 4.25% per year. Ford has granted the underwriters an option to purchase an additional $375 million in aggregate principal amount of notes. The notes will be convertible, under certain circumstances, into shares of Ford common stock, cash or a combination thereof, at Ford's election. The initial conversion rate is 107.5269 shares of Ford common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $9.30 per share. The conversion rate and the conversion price are subject to adjustment upon the occurrence of certain events. Barclays Capital, BofA Merrill Lynch, Citi, Deutsche Bank Securities, Goldman Sachs & Co., J.P. Morgan, Morgan Stanley and RBS are acting as joint book-running managers of the notes offering. Net proceeds to Ford from the senior convertible notes offering are expected to be used for general corporate purposes. |
Ford Motor Company Comments On FY 2011 Profit Guidance; Comments On Q4 2009 Production Guidance
November 2, 2009 |
| Ford Motor Company announced that it expects to be solidly profitable in fiscal 2011, excluding special items, with positive operating-related cash flow. The Company also announced that it expects fourth quarter 2009 production to be up compared with year-ago levels and third quarter 2009 production. According to Reuters Estimates, analysts are expecting the Company to report net profit of $3.768 billion for fiscal 2011. |
Fitch Revises Outlook On Ford Motor Company To Positive; Affirms 'CCC' IDR
November 2, 2009 |
| Fitch Ratings announced that it has revised the rating outlook on Ford Motor Company (Ford) and Ford Motor Credit Company (Ford Credit) to Positive from Stable. Fitch has also affirmed the Issuer Default Rating (IDR) at 'CCC'. |
Ford Motor Company Announces Actions To Improve Balance Sheet And Enhance Automotive Liquidity
November 2, 2009 |
| Ford Motor Company announced additional steps to improve its balance sheet and enhance automotive liquidity. Actions being announced include a proposal to lenders under Ford's revolving credit facility to extend the maturity of the facility from 2011 to 2013 in exchange for reducing lenders' commitments and increasing interest margins and fees. In addition, Ford is seeking to raise additional capital with a convertible debt offering and an equity distribution plan. Credit agreement amendment and extension Ford has proposed to the lenders under its secured credit agreement an amendment that would reduce revolving lenders' revolving commitments, extend the maturity of such lenders' revolving commitments until 2013 and modify certain covenants and other provisions. Pursuant to the proposal, each revolving lender that agrees to extend the maturity of its revolving commitments may reduce its revolving commitment by up to 25% at its election and to the extent its reduced revolving commitment exceeds certain specified levels, such excess would be converted into a new term loan under the secured credit agreement maturing on Dec. 15, 2013. In exchange for a reduction in their revolving commitments, as well as a 1 percentage point increase in interest rate margins, an increase in fees and payment of an upfront fee, the revolving lenders would agree to extend the maturity of their revolving commitments and loans to November 30, 2013 from December 15, 2011. |
UAW Rejects New Concessions To Ford Motor Company; No New Talks-Reuters
November 2, 2009 |
| Reuters reported that the United Auto Workers union overwhelmingly rejected a proposed cost-cutting deal with Ford Motor Company, delivering a setback for the automaker as it seeks to bring down labor costs in line with U.S. rivals. The UAW said that 70% of production workers and 75% of skilled trade workers voted to reject a proposed agreement the union leadership and Ford Motor Company negotiated in October to change the 2007 four-year contract. The deal would have brought Ford Motor Company labor costs in line with General Motors Co and Chrysler Group LLC, both of which won additional concessions as part of their government-financed bankruptcies. UAW President said in a statement the union's past concessions have positioned Ford to be a strong competitor in a tough market and its surprise quarterly net profit announced early on Monday provided further evidence of the contributions the workers have made. The UAW represents about 41,000 U.S. factory workers at Ford Motor Company. The current contract expires in 2011. |
Geely Automobile Holdings Ltd. confident On Ford Motor Company's Volvo Bid-Reuters
October 30, 2009 |
| Reuters reported that Geely Automobile Holdings Ltd. is confident on a bid for Ford Motor Company's Volvo car unit, which it is discussing as head of a consortium that includes both domestic and foreign banks. |
Ford Motor Company And Azure Dynamics Team Up To Deliver Battery Electric Commercial Van
October 30, 2009 |
| Ford Motor Company announced that Azure Dynamics Corporation has joined in a collaborative effort to deliver a pure battery electric Ford Transit Connect van for the United States and Canadian markets in 2010. Azure will integrate its Force Drive battery electric drive train in the Transit Connect van for commercial fleet and retail use. |
Ford Motor Company Union Workers At Ohio Transmission Plants Reject Concessions-DJ
October 29, 2009 |
| Dow Jones reported that Ford Motor Company union members at two Ohio transmission plants handed the auto maker and the United Auto Workers national leadership another defeat. Production and skilled workers at Ford's Sharonville and Batavia transmission plants voted down more cost concessions. A total of 75% of the votes cast were against the changes. The plants are represented by UAW local 863, which reported the results. Seven locals have voted against the changes while four have approved the concessions. Ford has said it needs the contract modifications in order to stay competitive. Opposition has been building as UAW locals near the end of the voting process which is slated to conclude Saturday. Ford and the UAW's national leadership, led by UAW President Ron Gettelfinger, tentatively approved the contract changes earlier this month. The changes freeze new-hire wages and bar the union from striking through 2011. These same concessions were approved by UAW members for General Motors Co. and Chrysler Group LLC. The auto maker also sweetened the deal in the tentative agreement by including a $1,000 bonus to workers to reward their contributions to improving vehicle quality. |
Ford Motor Company Confirms Zhejiang Geely Group Holding Co. Ltd. As Its Preferred Bidder For Volvo Car Corporation
October 28, 2009 |
| Ford Motor Company announced that a consortium led by Zhejiang Geely Group Holding Co. Ltd. is its preferred bidder in the ongoing discussions concerning the possible sale of Volvo Car Corporation. Ford said that while it will be engaging in more detailed and focused negotiations with Geely, no final decisions have been made. While Ford would continue to cooperate with Volvo in several areas after a possible sale, Ford said it does not intend to retain a shareholding in Volvo. |
Ford Motor Company Workers in Missouri Overwhelmingly Reject Contract Changes-AP
October 26, 2009 |
| The Associated Press reported that Autoworkers in Missouri have overwhelmingly rejected a new contract with Ford Motor Company. Ninety-two percent of workers at the Kansas City Assembly Plant voted against changes to their contract. The plant employs nearly 4,000 workers. Ford and the United Auto Workers union agreed to the changes to help lower Ford's labor costs, but UAW members must ratify the changes. The workers were angry about a cap on entry-level wages, changes in work rules and a no-strike provision. Several other local unions have voted in favor of the changes. |
Geely Talks To Buy Ford Motor Company's Volvo Unit Stall-Reuters
October 21, 2009 |
| Reuters reported that Geely Holding's discussions to acquire Volvo from Ford Motor Company have stalled over disagreements on intellectual property. The talks are focused on the Ford Motor's worries about sharing its proprietary technology and plans for new products. The companies have been discussing a possible deal for 10 months. |
Ford Motor Company and UAW Reach Tentative Agreement on Labor Contract Modifications
October 13, 2009 |
| Ford Motor Company and the United Auto Workers (UAW) union announced that they have reached a tentative agreement on additional modifications to the 2007 UAW-Ford national labor agreement, which would help Ford improve its current and long-term competitiveness in the United States. The tentative agreement, which covers approximately 41,000 UAW-represented employees in the United States, is subject to ratification by the active UAW-Ford membership. |
Ford Motor Company Adds 4.5 Million Vehicles To Recall Of Defective Cruise Control Switch That Could Cause Fires-AP
October 13, 2009 |
| The Associated Press reported that Ford Motor Company said it will add 4.5 million older-model vehicles to the list of those recalled because a defective cruise control switch could cause a fire. The Company said 1.1 million Ford Windstar minivans will be recalled for repairs due to a small risk of fires. Another 3.4 million Ford, Lincoln and Mercury vehicles with the same switches also will be recalled even though there have been no reports of fires with them. Those vehicles mainly are trucks and sport utility vehicles. All vehicles covered by the recall are from the 1992 to 2003 model years. The Company will begin notifying vehicle owners of the recall by mail starting at the end of the month with instructions on how to get the repairs done. |
Canadian Auto Workers And Ford Motor Company To Resume Formal Talks-Reuters
October 8, 2009 |
| Reuters reported that The Canadian Auto Workers expect to return to full scale formal contract negotiations with Ford Motor Company on October 26, the union said. The CAW and Ford Motor Company opened negotiations in early September toward a contract agreement that could preserve jobs in Canada by allowing for future investment, while addressing a wage gap compared with workers at Ford Motor Company plants in the United States. The two sides had working level teams gathering information and the union said it would bring its entire committee to the talks when they resume. |
A U.S.-led Consortium To Buy Volvo From Ford Motor Company-Reuters
October 5, 2009 |
| Reuters reported that U.S.-led group has entered the race to buy Ford Motor Company's Volvo cars unit. |
Macquarie Group Limited Buys Ford Motor Company's Australian Car Loan Portfolio-Reuters
October 2, 2009 |
| Reuters reported that Macquarie Group Limited has agreed to buy a AUD1 billion ($868 million) portfolio of car loans from Ford Credit Australia, which is exiting the retail car loan business in Australia. Ford Motor Credit, a subsidiary of Ford Motor Company, had said in January that it planned to stop originating retail loans and leases in Australia at the end of February, but would continue to service the portfolio. The portfolio consists of loans and leases on about 60,000 cars and the company told employees on Thursday that it had reached the agreement to sell the portfolio to Macquarie and expected to service it in transition through year end. |
Ford Motor Company Announces New Flexible Assembly Plant To Expand Production In China
September 25, 2009 |
| Ford Motor Company announced that its joint venture in China Changan Ford Mazda Automobile (CFMA) is building a new, and highly flexible passenger car plant in Chongqing, China, scheduled for completion in 2012. The investment, valued at $490 million (CNY3.34 billion), represents a significant step in the Company's continuing aggressive expansion strategy in the Asia Pacific and Africa region. The new plant initially will be capable of producing 150,000 units a year, boosting total annual production capacity at CFMA operations to 600,000 units by 2012 to help meet increasing demand for Ford brand vehicles in China. |
Ford Motor Company Reaffirms FY 2011 Earnings Guidance-Reuters
September 25, 2009 |
| Reuters reported that Ford Motor Company said it is on the plan to return to profitability in fiscal 2011. According to Reuters Estimates, analysts are expecting the Company to report net profit of $3.55 billion for fiscal 2011. |
Ford Motor Company's Canadian Subsidiary Labor Talks Continue; Key Issue Not Met-Reuters
September 23, 2009 |
| Reuters reported that cost-savings talks between Ford Motor Company's Canadian subsidiary and the Canadian Auto Workers union continued, but the union said Ford had so far failed to address its key issue. Some media reports said the negotiations had broken off, but both union and company officials denied this. |
Ford Motor Company Set To Unveil Plans For Third China Plant-DJ
September 22, 2009 |
| Dow Jones reported that according to state media report, Ford Motor Company and its Chinese partner will announce plans this week to build a third plant in China. The new factory, in the southwest city of Chongqing, is expected to have an initial capacity of 100,000 units per year and may eventually be increased to 300,000 units, the official Xinhua news agency said, without citing a source. The new plant's construction will begin Friday and it is likely to start operations by the end of next year. |
Ford Motor Company's Ford Motor Credit Plans $1 Billion 5 Year Senior Unsecured Bonds-DJ
September 16, 2009 |
| Dow Jones reported that Ford Motor Credit, the finance arm of Ford Motor Company, is planning to sell $1 billion of five-year senior unsecured bonds. The new bonds will be underwritten by Citigroup, Bank Of America Merrill Lynch, JPMorgan Chase & Co. and Morgan Stanley. Net proceeds of the bond sale will go towards Ford Credit's general funds, the person said. |
Ford Motor Company Reaches Agreement To Sell Wixom Assembly Plant To Xtreme Power of Austin
September 10, 2009 |
| Ford Motor Company announced that it has reached an agreement in principle to sell Wixom Assembly Plant to Xtreme Power of Austin, Texas, and Clairvoyant Energy of Santa Barbara, Calif. Terms of the deal were not disclosed. Clairvoyant Energy and Xtreme Power plan an initial investment of $725 million to redevelop the 320 acre site and its 4.7 million square feet of plant space. |
Geely Automobile Holdings Ltd. Eyes Bid For Ford Motor Company's Volvo Cars-Reuters
September 9, 2009 |
| Reuters reported that Geely Automobile Holdings Ltd. said its parent company plans to bid for all of Ford Motor Company's Volvo Car Corp. |
Ford Motor Company Canada Offers Up To CDN$3,000 For Clunkers-Reuters
September 2, 2009 |
| Reuters reported that Ford Motor Company's Canadian subsidiary, seeking to maintain sales momentum, it will offer up to CDN$3,000 ($2,700) toward the purchase of a new Ford to customers who turn in a vehicle 15 years or older. Customers turning in their clunkers will receive CDN$1,000 toward a new Ford or Lincoln car, CDN$2,000 toward a new sport utility or crossover vehicle, and CDN$3,000 toward a new truck or luxury Lincoln. ($1=CDN$1.10). |
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