Ford Motor Company said today that it would establish a new holding company to own its 33.4 percent stake in Mazda Motor Corporation.
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The holding company, Ford Automotive International Holding, would be in place by the end of May 2002.
Ford said in a statement that the holding company, which it would own 100 percent, represents only a change in the ownership structure and would improve investment efficiency.
There would be no effect on Ford’s financial reporting or its relationship with Mazda which began in 1979.
The announcement came a week after Ford confirmed that Lewis Booth, recently appointed a senior adviser in charge of corporate strategy at Mazda, would become its president on July 1.
Booth will replace fellow Ford appointee Mark Fields who, also on July 1, becomes vice president of Premier Automotive Group following the departure of Wolfgang Reitzle.
