Ford may cut some of its non-vehicle divisions

  • Tuesday, January 15, 2002 9:00pm
  • Business

Associated Press

DETROIT — Ford Motor Co. said Tuesday it is considering selling all or part of three businesses outside its core operations of building cars and trucks and servicing them.

The announcement came less than a week after the nation’s second-biggest automaker revealed a turnaround plan that includes shedding 35,000 jobs, closing five plants and ending four models including the Lincoln Continental.

Ford has hired the investment firm Goldman Sachs to assist in evaluating the sale of its Kwik-Fit maintenance and light repair business, which operates in Europe, and two U.S.-based businesses: Collision Team of America, a chain of collision repair centers, and GreenLeaf LLC, a chain of automotive recycling centers.

"We believe Kwik-Fit, Collision Team of America and GreenLeaf LLC are good companies with strong futures," Nick Scheele, Ford’s chief operating officer, said in a statement. "However, we are focusing our efforts and attention on our core business, developing great cars and trucks and providing outstanding service to our customers."

Kwik-Fit, which Ford bought in 1999, has 2,400 service centers and more than 11,500 employees.

Collision Team of America operates 32 shops in four states under various names and has about 850 employees. Ford bought a minority stake in the company in 1998 and acquired the remaining shares last year.

GreenLeaf LLC acquired its first recycling center in 1999 and now operates 31 sites in 14 states and two Canadian provinces. The company employs about 1,200 people.

Ford releases its 2001 fourth quarter and full-year financial results Thursday.

In trading Tuesday on the New York Stock Exchange, Ford shares fell 31 cents to close at $15.04.

Copyright ©2002 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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