One of the world's
largest manufacturers of automobiles.
One American Road
Dearborn, MI 48126
CEO: Alan Mulally
Stock Symbol: F
Note: Ford is seeking federal loans of up to $34 billion along with other major U.S. automakers as it faces a steep drop in sales and declining clash reserves.
Ford is a global maker of automobiles and trucks. Ford sells vehicles under the Ford, Lincoln, Mercury, Mazda, Volvo, Jaguar, and Land Rover brands.
Once the second-largest automaker, Ford
is now third place in the U.S. behind No. 1 GM and Toyota.
In 2007, Ford had revenue of $173.9 billion
and a loss for the year of $2.7 billion. The company sold 6,553,000
vehicles in 2007, down 44,000.
Ford has announced significant measures
to cut costs over the past several years and has cut 32,800 jobs
in the past year. The company will
close 16 plants in North America by 2012. The facilities that
will be idled through 2008 include assembly plants in St. Louis
, Atlanta and Wixom, as well as the Batavia Transmission plant
and the Windsor Casting plant. Production at St. Thomas Assembly
also will be reduced to one shift.
"Each of our Automotive operations
is improving, and we are encouraged by the progress, which validates
our strategy and plan," said Ford President and CEO Alan
Mulally. "In 2007, we introduced great new products around
the globe that received strong third-party endorsements for styling,
quality and safety. This year, we have some outstanding new
product introductions including the Ford Flex, Lincoln MKS, and
Ford F-150 in North America, and Ford Kuga and the production
version of the Ford Verve concept in Europe."
Ford came to an agreement with the United
Auto Workers (UAW) on a new four-year national labor contract
in 2007. It is offering buyouts to hourly workers this year of
up to $140,000 in a continuing bid to reduce its workforce.
The company was founded by Henry Ford on
June 16, 1903 with 11 associates and $28,000 in cash. He realized
the future growth in cars would come from selling to a mass market.
In 1908, the Model T was born and eventually sold 15 million
In the 1950s, Ford introduced the iconic
Thunderbird in 1955 and the Edsel brand automobile line in 1958;
Edsel was cancelled after less than 27 months in the marketplace
in November 1960. The company introduced the compact Ford Falcon
in 1960 and the Mustang in 1964. Ford of Europe was established
In 1979, Ford acquired a 25% stake in Mazda.
In 1989, the company acquired Jaguar.
In 1985, Ford introduced the Taurus, which
would become a best-selling family car. In 1987, the company
acquired Aston Martin Logonda and Hertz Rent-a-Car.
The Ford Explorer SUV was introduced in
Benefits - For Salaried Workers
* Health Care
Medical coverage is available for all new Ford Motor Company
employees on the first day of employment. Dependents are also
covered, including an eligible spouse or same-sex domestic partner,
and children. On the first day of the fourth month of employment,
employees become eligible for Ford Flex, which includes
medical, dental, vision, prescription, life insurance and disability
Ford Motor Company offers HMOs and PPOs. Each provides a wide
variety of coverage for employees and their dependents. Hospital,
surgical and medical benefits, as well as availability, vary
for each of these plans.
Employees and eligible dependents can elect dental coverage for
a monthly contribution of approximately 10% of the company's
cost. These benefits include usual, customary and reasonable
(UCR) charges for routine preventive care. Most other treatments
are covered at 50 to 70 percent of UCR charges. Dental and orthodontic
services have limitations for each eligible person. Alternative
plans are also available, and coverage may also be declined.
The Ford Medical Plan, a PPO, has a $7 co-pay for generic prescriptions
and $15 to $35 for brand names. Other co-pays apply to mail-order
suppliers. HMO and other PPO plans provide separate prescription
* Life Insurance
Ford Motor Company provides life insurance equal to one and one-half
times annual base salary.
Benefits are also available due to disability from accident,
illness or pregnancy. These benefits increase with length of
service and begin after six months of employment.
Paid Time Off
Ford Motor Company has a very generous paid vacation policy that
is based on years of service. Five days of paid vacation are
available to new employees hired between January 1 and August
1 in the year of hire. As many as 25 days of paid time off are
available after 20 years.
The number of paid holidays varies from year to year. There are
18 days off in 2004, including the days between Christmas and
New Year's Day.
Enrollment in the salaried employee retirement plan is automatic
upon your date of hire. The company makes periodic contributions
to employee accounts, and employees make their own investment
choices from a selection of mutual funds.
* Ford Money Market Account
This program is available to all salaried employees at time of
hiring. It allows employees to invest through payroll deductions.
It provides money-market interest rates, liquidity and preservation
* Savings And Stock Investment Plans
SSIP is available to employees after one month of service. It
is a convenient and diverse savings program that allows tax-deferred
and after-tax investments through automatic salary deduction.
Certain rollover contributions from previous employers are also
accepted in the SSIP program.
Updated December 5, 2008