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August 25, 2009

Three leading American family businesses have been making the headlines for different reasons, although all were recession related. Katie Barker analyses how Marriott, Ford and Huntsman have survived to fight another day

Three leading American family businesses have been making the headlines for different reasons, although all were recession related. Katie Barker analyses how Marriott, Ford and Huntsman have survived to fight another day 

July 6, 2009

Ford has announced an increase in market share in the US as the founding family reiterated its emotional commitment to the business.

Ford has announced an increase in market share in the US as the founding family reiterated its emotional commitment to the business. Despite the economic slowdown, the family-controlled carmaker managed to boost US market share to 18% in June, an increase on the 14.6% for the same time last year.
 

April 7, 2009

Family-controlled Ford has moved to strengthen its balance sheet by finalising a debt restructuring package that reduces its automotive debt by $9.9 billion and lowers its annual cash interest expense by more than $500 million.

Family-controlled Ford has moved to strengthen its balance sheet by finalising a debt restructuring package that reduces its automotive debt by $9.9 billion and lowers its annual cash interest expense by more than $500 million.

To finance the move, Ford will use $2.4 billion in cash plus 468 million shares of Ford common stock. As at 31 December 2008, the Detroit-based business's debt stood at $25.8 billion.

March 25, 2009

Ford Motor Company has announced the election of a former majority leader of the US House of Representatives and chairman and CEO of a major US energy company to its board of directors.

Ford Motor Company has announced the election of a former majority leader of the US House of Representatives and chairman and CEO of a major US energy company to its board of directors.

Dick Gephardt, 68, served 14 terms in Congress and is currently president and CEO of the Gephardt Group, a multi-disciplined consulting firm. Tony Earley, 59, has run DTE Energy, a $8.5 billion business, since 1998.   

March 19, 2009

The reporting season is upon us, and the news emerging from the world’s family-owned car makers is grim. BMW recently reported a full-year loss of €718 million, PSA PeugeotCitroen announced a net loss of €343 million while Ford reported a loss of $14.6 billion.

The reporting season is upon us, and the news emerging from the world's family-owned car makers is grim writes Jane Simms. BMW recently reported a full-year loss before tax and interest of €718 million, much worse than the market had predicted. PSA PeugeotCitroen announced a net loss of €343 million and has been forced to accept a government bailout.

Ford reported a loss of $14.6 billion last year, the biggest in its 105-year history. Even Toyota is expected to announce its first net loss in six decades when it reports on its financial year ending 31st March.

February 25, 2009

Ford’s executive chairman Bill Ford has voluntarily agreed to forgo his entire cash compensation this year and will take a 30% cut in his salary over the next two years according to US media reports.

Ford’s executive chairman Bill Ford (pictured) has voluntarily agreed to forgo his entire cash compensation this year and will take a 30%  cut in his salary over the next two years according to US media reports.

The news, revealed in an internal company memo, comes as the family-controlled motor company struggles to operate through the current deep economic downturn without accessing government loans.

December 19, 2008

Ford has welcomed the US government’s decision to provide $17.4 billion of emergency funding for rivals GM and Chrysler, but reiterated that it is not seeking any short-term financial assistance.

Ford has welcomed the US government's decision to provide $17.4 billion of emergency funding for rivals GM and Chrysler, but reiterated that it is not seeking any short-term financial assistance.

"All of us at Ford appreciate the prudent step the administration has taken to address the near-term liquidity issues of GM and Chrysler," said Ford president and CEO Alan Mulally.

December 12, 2008

The US senate has rejected a $14 billion rescue plan for America’s major automobile companies leaving family-controlled Ford unsure of its future.

The US senate has rejected a $14 billion rescue plan for America’s major automobile companies leaving family-controlled Ford unsure of its future.

The major beneficiaries of the plan were to be GM Motors and Chrysler who now face the very real prospect of bankruptcy. It is understood that the vote failed because of disagreements over how quickly union wages should be cut.

October 22, 2008

It was hailed by fourth-generation chairman Bill Ford as a vote of confidence in Ford’s business plan, but activist investor Kirk Kerkorian’s dalliance with the car manufacturer has turned out to be all too brief after he admitted that he was looking to sell some or all of his stake.

It was hailed by fourth-generation chairman Bill Ford as a vote of confidence in Ford’s business plan, but activist investor Kirk Kerkorian’s dalliance with the car manufacturer has turned out to be all too brief after he admitted that he was looking to sell some or all of his stake.

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