Adrian PatonFord to sell 20 percent of Mazda
November 19th 2008 09:00
Due to the global economic crisis, Ford Motor Company will sell as much as 20 percent - from 33.4% to just over 13% - of its stake in Mazda in a bid to shore up its own finances.
Mazda’s Chairman, President and CEO, Hisakazu Imaki said: “The sale of Mazda shares by our partner, Ford, will not result in any change in Mazda’s strategic direction and we will continue to accelerate our product-led brand improvement and cost innovation initiatives.”
“We will continue our strategic relationship through our ongoing joint ventures with Ford, as well as the sharing of platforms and powertrains." he added.
“We will continue our strategic relationship through our ongoing joint ventures with Ford, as well as the sharing of platforms and powertrains." he added.
Despite selling 20 percent of Mazda stock, the Ford Motor Company remains Mazda's "main and largest shareholders" and will continue their strategic relationship that first began nearly 30 years ago in 1979.
The 20 percent shares sold by Ford have been snapped up by Mazda and "several of its strategic business partners".
[Source: Mazda]
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