08 Jun '11, 3am

Ford looking for 50% growth in India and China markets by middle of the decade opportunites for supply chain

DETROIT - FORD Motor Co is aiming to expand its presence in the fast-growing auto markets of India and China with an eye toward increasing the number of vehicles it sells per year by 50 per cent by the middle of the decade. Ford also said on Tuesday that it would cut its debt by 15.7 per cent to about US$14 billion (S$17.1 billion) by the end of June, bringing it to less than half the US$33.6 billion it was carrying in 2009. The company wants to regain an investment-grade debt rating, which it sees as necessary to resuming paying a dividend, but it does not expect to reinstate its dividend before next year. Chief Financial Officer Lewis Booth told investors at a meeting in New York City that Ford planned to cut its overall debt to about US$10 billion by the middle of the decade. 'We believe we will achieve and maintain an investment-grade rating through the business cycle,...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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