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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Ford orders 12 ultra-cold freezers to distribute COVID-19 vaccines to employees

11/24/2020 | 09:06pm EST
FILE PHOTO: The corporate logo of Ford is seen at Brussels Motor Show

DETROIT (Reuters) - Ford Motor Co said on Tuesday it has ordered a dozen ultra-cold freezers that can safely store Pfizer Inc's COVID-19 vaccine, a move aimed at ensuring the U.S. automaker's workers have access to vaccines when they are rolled out nationally.

Ford's purchase mirrors efforts by U.S. states and cities to buy equipment to store millions of doses of Pfizer's vaccine at temperatures of minus 70 Celsius (minus 94 Fahrenheit), significantly below the standard for vaccines of 2-8 C (36-46 F).

Health care providers and states are preparing for a new type of vaccines by Pfizer and Moderna Inc that require lower temperatures for storage.

"We're doing this so that we can make the vaccine available to our employees on a voluntary basis," Ford spokeswoman Kelli Felker said.

Details of how Ford will use the freezers, which are expected to be delivered by year end, are still being worked out, she said. Ford screens its workers in-plant and, if COVID-19 testing is required, has partnerships with local healthcare providers.

Assembly workers are considered essential in most states, but not at the top of the list for vaccines, which are expected to be distributed first to healthcare workers and nursing home residents.

Automakers have been largely able to avoid spread of the virus among hourly workers in their assembly plants after a two-month shutdown earlier in the year, but COVID-19 cases and hospitalizations are spiking in the United States, especially in the Midwest.

Felker did not know which company is supplying Ford with the freezers. Major manufacturers include Thermo Fisher Scientific Inc, PHC Corp of North America, Luxembourg's B Medical Systems, Stirling Ultracold and Helmer Scientific.

Some specialty freezer makers have warned of months-long waits for units.

Ford, which decided to buy the freezers on its own and is not working with other companies or states, did not disclose how much it spent, but the specialized freezers required by Pfizer's vaccine can cost $5,000 to $15,000 apiece, according to industry officials.

General Motors Co said it had not purchased freezers at this time. "We are taking steps to be prepared to make vaccines available to our employees when the time is right and vaccines are available to us," GM spokesman Patrick Morrissey said.

Fiat Chrysler Automobiles said it is studying the most effective approach to distributing vaccines to employees when they become available.

Officials at Toyota Motor Corp, and the United Auto Workers union, which represents most U.S. hourly workers at the Detroit automakers, did not have an immediate comment.

A Michigan Department of Health spokeswoman said the agency was not aware of companies seeking to buy these freezers. Lynn Sutfin said state officials surveyed healthcare providers and health departments and are aware of about 50 ultra-cold freezers in Michigan. State officials also have purchased another nine, she said.

(Reporting by Ben Klayman; Editing by Jonathan Oatis and Lisa Shumaker)

By Ben Klayman


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FIAT CHRYSLER AUTOMOBILES N.V. 1.86% 14.132 Delayed Quote.-5.36%
FORD MOTOR COMPANY 1.93% 10.02 Delayed Quote.13.99%
GENERAL MOTORS COMPANY 9.75% 54.84 Delayed Quote.31.70%
MODERNA, INC. -3.58% 125.01 Delayed Quote.19.66%
PFIZER INC. 0.08% 36.73 Delayed Quote.-0.22%
THERMO FISHER SCIENTIFIC 0.84% 507.38 Delayed Quote.8.02%
TOYOTA INDUSTRIES CORPORATION -0.24% 8380 End-of-day quote.2.32%
TOYOTA MOTOR CORPORATION 0.94% 7708 End-of-day quote.-3.13%
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Financials
Sales 2021 26 130 B 252 B 252 B
Net income 2021 1 528 B 14 717 M 14 717 M
Net Debt 2021 15 002 B 144 B 144 B
P/E ratio 2021 14,4x
Yield 2021 2,90%
Capitalization 21 551 B 207 B 208 B
EV / Sales 2021 1,40x
EV / Sales 2022 1,26x
Nbr of Employees 359 542
Free-Float 62,2%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 8 122,22 JPY
Last Close Price 7 708,00 JPY
Spread / Highest target 24,5%
Spread / Average Target 5,37%
Spread / Lowest Target -27,3%
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Managers and Directors
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Kenta Kon Chief Financial Officer
Seiji Sakai Manager-Information Systems & IT Management
Masahito Maeda Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
TOYOTA MOTOR CORPORATION-3.13%207 445
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