January 16, 2002
Ford to raise cash by selling non-core businesses
Dearborn, Michigan – Ford Motor Company is evaluating the sale or partial disposition of Kwik-Fit, its European maintenance and light repair business, and two U.S.-based businesses: Collision Team of America, a chain of collision repair centres, and GreenLeaf LLC, a chain of automotive recycling centres. Ford expects to realize more than $1 billion of cash from these and other potential divestitures in 2002.
“We believe Kwik-Fit, Collision Team of America and GreenLeaf LLC are good companies with strong futures,” said Nick Scheele, president and chief operating officer of Ford Motor Company. “However, we are focusing our efforts and attention on our core business — developing great cars and trucks and providing outstanding service to our customers.”
Kwik-Fit, Europe’s largest maintenance and light repair operation, was purchased by Ford in 1999 and has 2,400 service centres and more than 11,500 employees. Collision Team of America operates 32 collision shops in four states (conducting business under various names) and has about 850 employees. GreenLeaf LLC acquired its first recycling centre in 1999. Today it operates 31 sites in 14 states and two Canadian provinces and employs about 1,200 people.