Ford said it will maintain a 13 percent equity position in Mazda after the sale of a 20 percent stake on Wednesday to Mazda and unnamed Japanese companies. The sale will net Ford about $540 million at a time when the company is burning through more than $2 billion in cash a month.
Japanese press reports said likely stakeholders include trading companies Sumitomo and Itochu, parts supplier Denso and insurance company Tokio Marine.
Under Japanese law, Ford's longtime 33 percent stake had entitled it to management control over the Japanese automaker. Several of Ford's senior managers, including Executive Vice President Mark Fields and Chief Financial Officer Lewis Booth, served stints in top positions at Mazda during their careers.
The two companies said they plan to continue their strategic partnership, which stretches back to the 1970s. Many of Mazda's products in Japan and overseas markets are based on Ford platforms, and the Japanese automaker has been instrumental in developing the global subcompact architecture that underpins such models as the Mazda 2 and the redesigned Ford Fiesta.
The partners will continue their joint operation of assembly plants in the U.S., China and Thailand.
Inside Line says: Of all Ford's current and former overseas subsidiaries, Mazda in recent years has been one of the most profitable. — Paul Lienert, Correspondent
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