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January 17, 2008 |
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FORD MOTOR: Appoints Mr. Osborne as New President of AU Unit Ford Motor Australia appoints a new president as it moves to play a bigger role in the automaker's global operations, the Australian Associated Press reports. According to the report, Bill Osborne, 47, who is currently the chief executive officer of the Ford Motor Company in Canada, will take over the post as president next month. Former Australia chief Tom Gorman, who has led the company for almost four years, is leaving the company to take up other business opportunities, relates AAP. The change comes following one of Ford's most turbulent years in Australia, which included a decision to close its engine plant in Geelong in 2010, a move that would cut 600 jobs, relates AAP. Ford believes its decision to close the Geelong facility will allow it to improve efficiencies and cut costs as it replaces the locally made engine with one sourced from the United States. The Geelong plant closure, states AAP, was prompted by a falling demand for large cars in Australia due to rising cost of fuel. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/ -- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. |
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Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
