It's Official - Ford Will Sell Ancillary Businesses And Get Back To Basics(and save money)

Ford to Sell Off Repair Units...(Mark Truby) -- Ford Motor Co., seeking to raise cash and refocus on its core car and truck business, said Tuesday it plans to sell all or part of its European repair operation Kwik-Fit as well as U.S.-based collision repair shops and recycling centers. As part of the automaker's major restructuring announced Friday, Ford plans to raise $1 billion by selling the ancillary businesses and other assets this year. The moves are consistent with the automaker's new "back to basics" philosophy under Chief Executive Officer William Clay Ford Jr., who replaced Jacques Nasser in October. During Nasser's nearly three-year tenure, the company aggressively expanded beyond auto production, entering auto-related products and services businesses. But the ventures were not highly profitable and were a distraction for senior management. In addition to Kwik-Fit, Europe's largest maintenance and light repair chain, Ford hopes to sell all or part of two U.S. based businesses -- GreenLeaf LLC, a chain of automotive recycling centers and Collision Team of America, a group of collision repair centers.