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Ford Announces Plans to Invest in 3 Plants in Mexico
By the Associated Press
June 16, 2006
DEARBORN, Mich. -- Ford Motor Co., seeking to clear up confusion about its future in Mexico, on Friday announced plans to invest in plants in that country as part of the company?s North American turnaround effort.
Ford said it will upgrade Ford of Mexico?s two existing assembly plants in Cuautitlan and Hermosillo and its engine plant in Chihuahua. Details will be announced during the next several years as the improvements take place.
The second-biggest U.S. automaker didn?t specify how much money it planned to invest in Mexico. But Ford said reports that it would invest up to $9.2 billion in Mexico were incorrect.
"We plan to upgrade our facilities for th
e future, just as we have been modernizing many of our facilities in the U.S. and Canada," Mark Fields, Ford?s President of the Americas, said in a statement.
The Mexican investment does not include Ford?s plan to build a new low-cost manufacturing facility in North America. That plan was announced in January as part of the company?s "Way Forward" turnaround initiative.
"We remain committed to a new low-cost manufacturing facility. But we have made no decisions on where it will be located," Fields said. "The key to success will be high quality and low cost, and that certainly can be in the U.S., Canada or Mexico."
In regular trading Friday on the New York Stock Exchange, Ford shares fell 9 cents to $6.69.
Earlier this week, published reports said Ford had drawn up plans to invest up to $9.2 billion in Mexico as part of its ongoing attempt to restore its North American operations to profitability.
The confidential document was cited in a Wednesday report in The Oakland P
ress of Pontiac and in a Thursday report in the Detroit Free Press. The automaker responded that the reports were speculative.
Ford spokesman Said Deep said the $9.2 billion figure was incorrect and Friday?s announcement was in response to media reports on its plans.
Ford has maintained a presence in Mexico since 1925, but the automaker says it spends 90 percent of its North American investment funding in the United States and 98 percent of its engineering dollars in the U.S.
The automaker, battling rising costs and declining U.S. market share, announced a turnaround plan in January that would close 14 plants by 2012 and cut up to 30,000 hourly workers in North America.
Ford Announces Plans to Invest in 3 Plants in Mexico
By the Associated Press
June 16, 2006
DEARBORN, Mich. -- Ford Motor Co., seeking to clear up confusion about its future in Mexico, on Friday announced plans to invest in plants in that country as part of the company?s North American turnaround effort.
Ford said it will upgrade Ford of Mexico?s two existing assembly plants in Cuautitlan and Hermosillo and its engine plant in Chihuahua. Details will be announced during the next several years as the improvements take place.
The second-biggest U.S. automaker didn?t specify how much money it planned to invest in Mexico. But Ford said reports that it would invest up to $9.2 billion in Mexico were incorrect.
"We plan to upgrade our facilities for th
e future, just as we have been modernizing many of our facilities in the U.S. and Canada," Mark Fields, Ford?s President of the Americas, said in a statement.
The Mexican investment does not include Ford?s plan to build a new low-cost manufacturing facility in North America. That plan was announced in January as part of the company?s "Way Forward" turnaround initiative.
"We remain committed to a new low-cost manufacturing facility. But we have made no decisions on where it will be located," Fields said. "The key to success will be high quality and low cost, and that certainly can be in the U.S., Canada or Mexico."
In regular trading Friday on the New York Stock Exchange, Ford shares fell 9 cents to $6.69.
Earlier this week, published reports said Ford had drawn up plans to invest up to $9.2 billion in Mexico as part of its ongoing attempt to restore its North American operations to profitability.
The confidential document was cited in a Wednesday report in The Oakland P
ress of Pontiac and in a Thursday report in the Detroit Free Press. The automaker responded that the reports were speculative.
Ford spokesman Said Deep said the $9.2 billion figure was incorrect and Friday?s announcement was in response to media reports on its plans.
Ford has maintained a presence in Mexico since 1925, but the automaker says it spends 90 percent of its North American investment funding in the United States and 98 percent of its engineering dollars in the U.S.
The automaker, battling rising costs and declining U.S. market share, announced a turnaround plan in January that would close 14 plants by 2012 and cut up to 30,000 hourly workers in North America.