Fields officially denies rumours that Ford plans to reduce it's stake in Mazda to 3%.
Quote:
Ford says Mazda stake unchanged
October 18, 2010
Keith Naughton and Alan Ohnsman / Bloomberg News
Ford Motor Co. said there has been no change in its stake in Mazda Motor Corp. after Nikkei newspaper in Tokyo reported the U.S. automaker plans to cut its Mazda holding to less than 3 percent.
Nikkei reported today that Ford reached a tentative agreement to sell Mazda shares to Sumitomo Mitsui Banking Corp., Sumitomo Corp. and suppliers of the Japanese automaker. Ford plans to reduce its Mazda stake to 3 percent or less from its current level of 11 percent, Nikkei said, without citing anyone. Ford owns more than 195 million Mazda shares, valued at about $512 million, based on the closing price in Tokyo today.
"Ford's ownership stake in Mazda remains unchanged," Mark Truby, a Ford spokesman, said today in an e-mailed statement. "Ford continues to have a close strategic relationship with Mazda, and we cooperate in areas of mutual benefit. We have no further comment on the speculation."
Jay Amestoy, Mazda's vice president of U.S. public and government affairs, said he was unaware of the Nikkei report and any plan by Ford to reduce its stake in Hiroshima, Japan-based Mazda. Amestoy, who is traveling today with Jim O'Sullivan, Mazda's North American chief executive officer, said O'Sullivan also had no information on the report.
Ford cut its stake in Mazda from 33 percent in November 2008 as it raised cash to avoid bankruptcy.
Joint development
The second-largest U.S. automaker has signaled it intended to end developing cars and trucks jointly with Mazda. Ford's new Fiesta small car is based on the mechanical foundation of the Mazda2 subcompact. Ford's Fusion family sedan is based on the Mazda6 platform and its new Ranger pickup truck is built alongside its mechanical twin, the Mazda BT-50, at a factory in Thailand the automakers jointly own.
"For a lot of designing and engineering, were going to be focused on Ford," Mark Fields, Ford's president for the Americas and former Mazda chief executive, said last December. "Our efforts will be focused on the Ford system, as opposed to relying on others such as Mazda." Since arriving from Boeing Co. in 2006, Ford Chief Executive Officer Alan Mulally has revived the automaker by focusing on the namesake brand and selling off Volvo, Jaguar, Land Rover and Aston Martin. The Dearborn-based carmaker earned $4.7 billion in the years first six months, its largest first-half profit since 1998.
from: http://cawlocal584.com/news.html
And I say, way to go guys. The renaissance continues
Quote:
Ford says Mazda stake unchanged
October 18, 2010
Keith Naughton and Alan Ohnsman / Bloomberg News
Ford Motor Co. said there has been no change in its stake in Mazda Motor Corp. after Nikkei newspaper in Tokyo reported the U.S. automaker plans to cut its Mazda holding to less than 3 percent.
Nikkei reported today that Ford reached a tentative agreement to sell Mazda shares to Sumitomo Mitsui Banking Corp., Sumitomo Corp. and suppliers of the Japanese automaker. Ford plans to reduce its Mazda stake to 3 percent or less from its current level of 11 percent, Nikkei said, without citing anyone. Ford owns more than 195 million Mazda shares, valued at about $512 million, based on the closing price in Tokyo today.
"Ford's ownership stake in Mazda remains unchanged," Mark Truby, a Ford spokesman, said today in an e-mailed statement. "Ford continues to have a close strategic relationship with Mazda, and we cooperate in areas of mutual benefit. We have no further comment on the speculation."
Jay Amestoy, Mazda's vice president of U.S. public and government affairs, said he was unaware of the Nikkei report and any plan by Ford to reduce its stake in Hiroshima, Japan-based Mazda. Amestoy, who is traveling today with Jim O'Sullivan, Mazda's North American chief executive officer, said O'Sullivan also had no information on the report.
Ford cut its stake in Mazda from 33 percent in November 2008 as it raised cash to avoid bankruptcy.
Joint development
The second-largest U.S. automaker has signaled it intended to end developing cars and trucks jointly with Mazda. Ford's new Fiesta small car is based on the mechanical foundation of the Mazda2 subcompact. Ford's Fusion family sedan is based on the Mazda6 platform and its new Ranger pickup truck is built alongside its mechanical twin, the Mazda BT-50, at a factory in Thailand the automakers jointly own.
"For a lot of designing and engineering, were going to be focused on Ford," Mark Fields, Ford's president for the Americas and former Mazda chief executive, said last December. "Our efforts will be focused on the Ford system, as opposed to relying on others such as Mazda." Since arriving from Boeing Co. in 2006, Ford Chief Executive Officer Alan Mulally has revived the automaker by focusing on the namesake brand and selling off Volvo, Jaguar, Land Rover and Aston Martin. The Dearborn-based carmaker earned $4.7 billion in the years first six months, its largest first-half profit since 1998.
from: http://cawlocal584.com/news.html
And I say, way to go guys. The renaissance continues
