Tag Archive | "Ford Motor Co."

Ford Reinstates Benefits for Salaried Employees

DETROIT — Thousands of Ford Motor Co.’s U.S. salaried employees have been notified that merit pay increases, tuition reimbursement and 401(k) contributions are slated to be offered again next year, reported The Associated Press.

Ford had cut the benefits as it careened through three years of losses that topped $30 billion between 2006 and 2008. But things have been turning up for Ford.

The Dearborn, Mich., automaker posted a $1.8 billion profit through September. And on Thursday, Mark Fields, Ford’s president of the Americas, sent an e-mail to employees saying Ford would:

  • Reinstate 401(k) matches starting Jan. 1;
  • Reinstate salaried tuition assistance for classes starting on or before March 1;
  • Reinstate merit pay increases.

Ford spokeswoman Marcey Evans said those merit increases would be paid April 1.

The majority of Ford’s 21,300 salaried employees in North America work in the United States, but the automaker does not provide numbers by country.

After enjoying a string of victories over the past year, including a $1.8 billion profit through September, Ford Motor Co. made a move that would make founder Henry Ford proud.

Ford Motor Co. told U.S. salaried employees Thursday that it would restore a variety of compensation perks, such as merit pay, tuition reimbursement and 401(k) matches.

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Ford Chairman Praises Obama's Handling of Struggling Auto Industry

Ford Motor Co. executive chairman Bill Ford met with President Barack Obama on Monday and endorsed the administration’s handling of the struggling auto industry, reported The Associated Press.

Ford credited Obama for stepping in to help General Motors and Chrysler and prevent auto suppliers from collapsing. Ford said the administration acted “swiftly and forcefully and it worked.”

GM and Chrysler received billions of dollars in federal aid to go through bankruptcy. Ford Motor Co. avoided taking federal help.

Bill Ford delivered a list of recommendations to the Commerce Department developed at a Detroit business summit on ways to revitalize the economy. It includes developing national energy and manufacturing strategies and encouraging research and development.

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Geely Taps China Banks to Back $1.8B Volvo Deal

HONG KONG – Geely, the Chinese carmaker picked as the preferred bidder for Ford Motor’s Volvo unit, is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid, sources told Reuters.

Home-grown Geely, which means “lucky” in Chinese, is hungry for modern and innovative technologies from the Swedish brand to upgrade its car lineup and tap the auto market in China, the world’s biggest.

At least three major Chinese banks including Bank of China, China Construction Bank and Export-Import Bank of China had agreed to extend loans to Zhejiang Geely Holding Group, said the banking sources briefed on the plan.

Export-Import Bank of China is a policy lender wholly owned by the Chinese government and directly led by the cabinet. Bank of China is China’s top foreign exchange lender. China Construction Bank is the country’s No.1 property lender.

Last month, Volvo’s union leaders held their first talks with Geely but were still waiting to see Geely’s financing plans for the loss-making Swedish carmaker.

A Geely spokesman in Beijing declined to comment to Reuters on the loan plans but said Geely is still in negotiations with Ford to finalize details of the takeover. He declined to elaborate or comment on the timeframe for the deal, which analysts and industry sources expect to be finalized by early next year.

All the three Chinese banks involved said they would not comment on specific loans to clients.

Last week, Geely reached agreement with Ford on intellectual property rights (IPR) issues in its bid for Volvo, clearing a major barrier for the deal.

The remaining issues for Geely to negotiate with Ford, such as long-term strategy for Volvo’s sales and production, would be much easier to solve, said an industry source close to Geely.

Geely also needs to build relations with Volvo’s management, union leaders and the Swedish government, which are part of the negotiations.

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