Word: forded
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...Ford: "We have taken painful but necessary downsizing actions to match capacity to real demand, including closing 17 plants over the past five years and downsizing by 12,000 salaried employees and 45,000 hourly employees in North America in the past three years...
When CEO's Bob Nardelli (Chrysler), Alan Mullaly (Ford), and Rick Wagoner (GM) appeared before Congress late last month in search of a bailout, they were basically told, "Get the hell out of here until you have detailed plans to get your industry in order." Well, here they are: Three business plans, numbering between 14 and 37 pages, providing a detailed outline of how each executive plans to turn his company around - and what the Federal government can do to help...
...Ford: "A 'stand-by' line of credit, in the amount of up to $9 billion. This line of credit would be a back-stop to be used only if conditions worsen further...
...Ford: "We are acutely aware that our domestic competitors are, by their own reporting, at risk of running out of cash in a matter of weeks or months. Our industry is an interdependent one. We have 80 percent overlap in supplier networks. Nearly 25 percent of Ford's top dealers also own GM and Chrysler franchises. That is why the collapse of one or both of our domestic competitors would also threaten Ford...
...auto industry in trouble. You can tell how bad each company is doing just by looking at these hard copy reports. Ford, which seems best-equipped to ride out the economic storm, puts together a forward-looking document full of boxed-off pull quotes. The more dire GM ("Recent significant declines in dealer orders are now adversely affecting first-quarter production schedules and revenue forecasts") packs its statement with charts and graphs and lots of diverting graphics. And Chrysler? It's 14-page document, half the size of the others, looks like a college sophomore's final term paper...