SOUTHLAND : Ford to Sell California-Based Aerospace Corp. Subsidiary
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Ford Motor Co. said today that it will sell its Newport Beach-based Ford Aerospace Corp. subsidiary, concentrating on other businesses at a time when defense spending is getting closer scrutiny in Washington.
Ford’s announcement, which confirmed weeks of rumors, was not seen as being as drastic as Chrysler Corp.’s push back into the automotive business exclusively last month. Ford also owns First Nationwide Bank, among the largest in the savings and loan industry.
However, Ford’s huge cash reserves of about $9 billion a year ago have been drained by acquisitions of the British luxury-car maker Jaguar PLC and the Associates Corp. financing company for a combined $5.85 billion.
“The decision to sell Ford Aerospace reflects the intention to concentrate our resources on our other businesses,” Ford Chairman Donald Petersen said today.
Ford Aerospace, which has about 17,000 employees, has most of its operations in Colorado, Pennsylvania, Texas, California and the Washington, D.C., area.
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