Inside the Crisis at Ford, Family Considering Breaking Up and Selling Company

Discussion in 'OT Driven' started by TriShield, Apr 19, 2007.

  1. TriShield

    TriShield Super Moderator® Super Moderator

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    DETROIT (Reuters) - Ford Motor Co has not ruled out an eventual sale or partnership as the automaker cuts jobs and closes plants in an effort to recover from billions of dollars in losses, Ford's executive chairman told a magazine in an article published on Tuesday.

    Bill Ford Jr. told Conde Nast's Portfolio Magazine that the second-largest automaker, which lost $12.7 billion in 2006, last year considered all options to finance its restructuring.

    "Merge with another company, go it alone, sell off the brands, have the family pull out and get rid of their B stock -- there are a billion things that could've happened," Ford told Portfolio.

    "And there is still a big wide world of things that can happen in the future," he added.

    Ford is in the middle of a sweeping restructuring that includes slashing more than 45,000 jobs and closing more than a dozen facilities in North America.

    In an article titled "Driven to the Brink," Ford said he "literally didn't want to get out of bed" some mornings as the company explored its options.

    Frustrated by the bureaucratic culture at the company and looking for new leadership, Ford said he reached out to now DaimlerChrysler AG Chief Executive Dieter Zetsche and to Nissan Motor Co Ltd and Renault SA CEO Carlos Ghosn. Both men turned down the position of chief operating officer.

    Ford in September recruited Alan Mulally to head the company, handing over the position of CEO to the former Boeing executive.

    After Mulally initially turned down the job, Ford recalled slumping in a chair with a blank pad of paper. He said he was "silent and devastated. I had no plan B."

    After Mulally took the helm, Ford raised $23.5 billion to fund its restructuring by mortgaging most of its automotive assets.

    Still, Ford told the magazine neither he nor Mulally ruled out an eventual sale or partnership for the company.

    "We felt the best thing we could do was get our house in order," he said. "That doesn't preclude anything down the road."

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  2. CrosseyeLion

    CrosseyeLion delight in our youth...

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    Cocksucker should sell the Lions first.
     
  3. SoFlaJDM

    SoFlaJDM Guest

  4. SQLee

    SQLee The OTer That Cares™

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  5. insomnia

    insomnia New Member

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    wait, does this mean they had a plan A? :eek3:
     
  6. Fry Guy

    Fry Guy OT is serious business

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    :Owned:
     
  7. CrosseyeLion

    CrosseyeLion delight in our youth...

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    They could have 10 different plans and those idiots would pick the wrong one every time.
     
  8. Tomash

    Tomash Active Member

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  9. Tomash

    Tomash Active Member

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    They need better fucking cars, period.
     
  10. ace3

    ace3 mouthify my wang.

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    buddy of mine just left his job at Ford after 12 years, 'cause he was scared shitless.
     
  11. Tomash

    Tomash Active Member

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    Too bad unions are fucking them over. :mamoru:
     
  12. Insert

    Insert Active Member

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    unions fucking suck.
     
  13. Tomash

    Tomash Active Member

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    Can't live with them, can't live without them.
     
  14. TriShield

    TriShield Super Moderator® Super Moderator

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    He would have been better off killing Lincoln/Mercury and selling Land Rover and Jaguar than hiring Mullaly to fix everything.
     
  15. Tomash

    Tomash Active Member

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    :werd:
    Lincoln and Mercury are fucking joke brands nowadays.
     
  16. MB300E87

    MB300E87 Active Member

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    A company like Ford is only going to close because the leadership isn't good. Ford has been an aimless ship lost at sea for a while now. not surprising its going down the tubes.
     
  17. Eskimo Yo-Yo

    Eskimo Yo-Yo absent OT Supporter

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    put big engines in small cars..
    slap cheap price on said car
    ??
    Profit
     
  18. RiCePiCkR

    RiCePiCkR haay

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    he should keep stealing toyota's hybrid designs and keep copying them.
     
  19. Derek

    Derek OT Supporter

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    didn't see this coming at all :hsugh:
     
  20. Variant

    Variant Cast in the name of God, ye not guilty.

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    shit, if they're having that much trouble finding a CEO, where can I fill out an application?
     
  21. GregFarz78

    GregFarz78 New Member

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    their trucks are probably the only thing keeping them in business...and fleet sales :mamoru:
     
  22. car ramrod

    car ramrod I'm all highway

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    One of the Japanese car makers recently had a meeting to see if they wanted to start up a union. Of the 2000 employees, only 10 showed up. The unions are a big reason why America can't compete anymore.
     
  23. car ramrod

    car ramrod I'm all highway

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    :bowdown:

    I am looking for a car now, but I won't consider a Ford because he won't can Millen's sorry ass. If he can't run a sports team and he sold off Aston Martin, his only profitable enterprise, why the fuck should I trust he makes a decent car?
     
  24. Tomash

    Tomash Active Member

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    :werd:
     
  25. d_98se

    d_98se New Member

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    How do unions suck if the company cannot build shit that people want to buy:rofl: I don't recall any union outcries when shit was good in the 90's.
     

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