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MarketScreener Homepage  >  Equities  >  Nyse  >  Ford Motor Company    F

FORD MOTOR COMPANY

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Ford Motor : NEW UAW-FORD COLLECTIVE BARGAINING AGREEMENT TO INCREASE MANUFACTURING COMPETITIVENESS, PROTECT U.S. JOBS

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11/19/2019 | 11:33am EST

Highlights:

* New agreement includes $6 billion in investment in Ford'sU.S. manufacturing facilities and creates or secures 8,500 U.S. hourly jobs during the four-year contract

* Agreement improves Ford's powertrain capacity utilization, while maintaining the company's best-in-class assembly plant capacity utilization in North America

* Hourly employees receive pay increases, bonuses, profit sharing and other benefits

* U.S. labor cost increase consistent with projected U.S. manufacturing labor cost inflation; cost structure similar to domestic competitors

* Ford is proud to be America's No. 1 producer of vehicles and the largest employer of UAW-represented autoworkers

DEARBORN, Mich.-- The new collective bargaining agreement ratified tonight by United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) represented employees in the United States increases Ford Motor Company's (NYSE: F) manufacturing competitiveness and provides $6 billion in U.S. investments, creating and securing 8,500 hourly jobs in America.

'We are pleased that we were able to reach an agreement quickly with the UAW without a costly disruption to production,' said Joe Hinrichs, Ford's president, Automotive. 'This deal helps Ford enhance our competitiveness and protect good-paying manufacturing jobs. Working with the UAW, we have added flexibility to our operations while keeping labor costs in line with projected U.S. manufacturing labor inflation costs and still rewarded our workers for their important contributions to the company.'

The terms of the new agreement provide Ford with opportunities to improve its manufacturing and operational fitness, including:

Increased use of temporary employees

Closing one engine plant, improving powertrain manufacturing capacity utilization, while offering all workers jobs at a nearby plant

Special retirement program that will improve workforce composition, lowering labor cost

No increase to pension obligations or payments to retirees

Ford's hourly employees also receive a number of benefits, including:

$9,000 ratification bonus for full-time permanent employees and $3,500 for temporary employees

Guaranteed path to permanent full-time employment for temporary employees

Wage increases, bonuses and continued profit sharing, allowing employees to share in the company's success

Opportunity for current in-progression and temporary employees to achieve top wage rate by end of agreement

This agreement keeps Ford's labor cost structure similar to its domestic competitors.

Ford will incur $700 million in expense in its fourth quarter tied to the new agreement, primarily associated with the ratification bonus.

Ford is proud to be America's No. 1 producer of vehicles and the largest employer of UAW-represented autoworkers, with approximately 55,000 hourly employees in the U.S. This agreement covers UAW-represented hourly employees in Ford manufacturing facilities in Michigan, Ohio, Kentucky, Missouri, Illinois and New York.

About Ford Motor Company

Ford Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification, autonomous vehicles and mobility solutions. Ford employs approximately 191,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit corporate.ford.com.

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2019 146 B
EBIT 2019 5 567 M
Net income 2019 2 105 M
Finance 2019 7 233 M
Yield 2019 6,65%
P/E ratio 2019 17,6x
P/E ratio 2020 8,89x
EV / Sales2019 0,20x
EV / Sales2020 0,21x
Capitalization 35 763 M
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Mean consensus HOLD
Number of Analysts 21
Average target price 10,21  $
Last Close Price 9,02  $
Spread / Highest target 44,1%
Spread / Average Target 13,1%
Spread / Lowest Target -11,3%
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Managers
NameTitle
James P. Hackett President, Chief Executive Officer & Director
William Clay Ford Executive Chairman
Timothy Stone Chief Financial Officer
Jeff Lemmer Chief Information Officer & Vice President
Kenneth E. Washington Chief Technology Officer
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