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Ford Plans Supplier Aid to Curb possible GM, Chrysler Fallout

Posted Wednesday, Apr 8, 2009, 1:07 pm in Employee News

Ford Motor Co. is lending money to partsmakers to shield itself from potential bankruptcy fallout at General Motors or Chrysler. Mark Fields, Ford’s Americas chief, told Bloomberg today that “if there’s a significant industry event, we want to make sure that it’s not uncontrolled because if it is, it’s going to affect our production.”

Ford is the only U.S. automaker to forgo accepting federal aid money. According to Bloomberg, the comany has trimmed its debt by $9.9 billion, and announced in March it had reached a union deal to match Toyota Motor Corp.’s labor costs by 2011. (Bloomberg)
 
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