SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report January 14, 1999
----------------
(Date of earliest event reported)
FORD MOTOR COMPANY
------------------
(Exact name of registrant as specified in its charter)
Delaware
--------
(State or other jurisdiction of incorporation)
1-3950 38-0549190
------ ----------
(Commission File Number) (IRS Employer Identification No.)
The American Road, Dearborn, Michigan 48121
---------------------------- -------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
------------
<PAGE>
Item 5. Other Events.
- ------- -------------
News release dated January 14, 1999, filed as Exhibit 20 to this Current
Report on Form 8-K, is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
- ------- -------------------------------------------------------------------
EXHIBITS
--------
Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 20 News Release dated Filed with this Report
January 14, 1999
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the date indicated.
FORD MOTOR COMPANY
------------------------
(Registrant)
Date: January 14, 1999 By:/s/Peter Sherry, Jr.
--------------------
Peter Sherry, Jr.
Assistant Secretary
<PAGE>
EXHIBIT INDEX
-------------
DESIGNATION DESCRIPTION PAGE
- ----------- ----------- ----
Exhibit 20 News Release dated
January 14, 1999
NEWS
Global News, The American Road, P.O. Box 1899, Dearborn, MI 48121-1899
Telephone: 313-322-9600; Fax: 313-845-0570
E-Mail: [email protected]; Internet: http://media.ford.com
Contact: Jim Cain
313-322-3428
FORD PROVIDES DETAILS ON FOURTH QUARTER CHARGES
DEARBORN, January 14, 1998 -- Ford Motor Company [NYSE: F] today disclosed
additional detail on the one-time charges it expects to take in the fourth
quarter of 1998. Directional estimates of two of the charges were outlined in
Ford's third quarter 10-Q report filed with the U.S. Securities and Exchange
Commission on Oct. 19, 1998.
Employee Separation Programs: Ford expects to record a pre-tax charge of about
$730 million for retirement and separation programs. These special programs,
which were previously announced, reduced the workforce by about 2,200 persons in
North America (all salaried), 2,000 in Europe (1,300 hourly and 700 salaried)
and 4,600 in South America (4,400 hourly and 200 salaried).
Kia Motors Co.: Ford expects to record a pre-tax charge of about $110 million to
write-off its net exposure to Kia, including Ford's share of Mazda Motor
Company's exposure to Kia. Ford sold its shares in Kia in a private transaction
that closed in the fourth quarter of 1998.
Batavia Joint Venture: Ford expects to record a pre-tax charge of about $110
million related to the transfer of Ford's Batavia, Ohio transmission plant to a
new joint venture company formed by Ford and ZF Friedrichshafen AG of Germany.
The joint venture company will manufacture continuously variable transmissions.
The transaction is expected to be completed in the first quarter of 1999.
The aggregate pre-tax amount of the charges is expected to be about $950 million
(about $630 million after-tax or $0.51 per diluted common and Class B share).
The impact of these charges will be reflected in Ford's fourth quarter and
full-year 1998 results, which will be released on Jan. 21, 1999.
# # #
