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Ford Motor : Resource and Engagement Center Initiative Expands to Europe with New Social Entrepreneurship Hub in Romania

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06/14/2018 | 04:43pm CEST
  • First European Ford Resource and Engagement Center (FREC) to open in Craiova, Romania, the fourth of its kind globally
  • Operated by non-profit partner Asociatia Pentru Educatie SV Oltenia (EDUCOL), at premises provided by the City Hall of Craiova, the FREC will act as a social entrepreneurship hub
  • Ford Motor Company Fund, working with their international grant making partner, GlobalGiving, is supporting the program with a $1 million investment over four years

CRAIOVA, Romania, June 14, 2018 - Ford Motor Company Fund, the philanthropic arm of Ford Motor Company, today announced that the first Ford Resource and Engagement Center (FREC) in Europe is to be established in Romania, with a focus on social entrepreneurship.

The FREC Craiova is a collaboration with the Asociatia Pentry Educatie SV Oltenia (EDUCOL), a local non-profit organisation that seeks to maximise training, development and employment opportunities for young people; and with the City Hall of Craiova, which is providing building premises.

Underpinned by a $1 million investment over four years from the Ford Motor Company Fund in partnership with GlobalGiving, the new FREC will act as a social entrepreneurship incubator space where students and recent graduates from the University of Craiova can design and launch innovative and sustainable ways to drive social and economic progress. The aim is to positively impact the job growth, economic potential and quality of life for local residents in the Oltenia region.

The FREC Craiova, the fourth of its kind globally, will also help to bring together local non-profit partners, Ford volunteers, mentors and educational leaders to provide related employability and community programs - helping local residents learn new skills, develop new talents and celebrate community.

In addition to the multi-year agreement signed between GlobalGiving, Ford Motor Company Fund's international grant making partner, and EDUCOL, an additional $100,000 grant will also enable the building refurbishment to meet the specific needs of the FREC. Refurbishment work is already underway supported by Ford employees, the City Hall of Craiova, and the academic community of the University of Craiova - with students playing an active role.

Students and graduates will be invited to submit their social enterprise proposals by early September, with the first winning teams being announced in October at an inauguration ceremony. Each team will receive a start-up grant and have access to office facilities at the FREC.

'Ford Fund has a proud tradition of strengthening the communities that are home to our employees, dealers, suppliers and customers,' said Jim Vella, president, Ford Motor Company Fund and Community Services. 'We are excited to bring our transformational Ford Resource and Engagement Center model to Europe and provide access to opportunities and resources that will help make people's lives better in Romania.'

The first FREC opened in 2013 in Detroit. Since then, Ford Fund has launched a FREC in South Africa and added a second FREC in Detroit. Plans are underway to expand to Asia as well, with a FREC launching in Bangkok in early 2019.

'By combining American expertise and enthusiasm for social enterprise with the fertile Romanian entrepreneurship environment, we hope to challenge more young people to become responsible and active members of their local community, driven by the desire to make a difference and be part of a global network. We are grateful and honoured to work with Ford Motor Company,' said Professor Leonardo-Geo Mănescu, President of EDUCOL.

Ford Fund works globally by making strategic investments focused on building communities, improving education and promoting driving safety as part of its Operation Better World initiative.

Recent Ford Motor Company Fund activities in Romania include the establishment of a Vocational Training Center specialising in mechanical and electrical engineering; 'Listen to your heart' free of charge cardio-vascular disease screening program; and Ford Driving Skills for Life, a safe driver training program that reaches more than 1,000 young drivers each year in Romania and more than 2,500 teenagers through in-school seminars.


Ford Motor Company published this content on 14 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 June 2018 14:42:06 UTC

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Financials ($)
Sales 2018 147 B
EBIT 2018 5 577 M
Net income 2018 5 523 M
Finance 2018 9 921 M
Yield 2018 7,25%
P/E ratio 2018 6,77
P/E ratio 2019 6,61
EV / Sales 2018 0,19x
EV / Sales 2019 0,19x
Capitalization 38 064 M
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Average target price 11,1 $
Spread / Average Target 16%
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James P. Hackett President, Chief Executive Officer & Director
William Clay Ford Executive Chairman
Joseph R. Hinrichs Executive VP & President-Global Operation
Robert L. Shanks Chief Financial Officer & Executive Vice President
Jeff Lemmer Vice President & COO-Information Technology
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