Consumer Biz Recap: Ford Motor REVEALS New Plans, Green Mountain ROASTS
Ford ‘s (NYSE:F) near term plans are announced on two areas: retirement packages and its production schedules. This summer the company will offer lump sum payouts, to some 98,000 retired workers, in hopes of reducing its whopping pension liability which nears $49 billion. How the retirees react might improve Ford’s credit rating, which was recently brought back to investment grade. Also, CEO Alan Mulally, in a speech to Michigan lawmakers, said that Ford intends to raise production through the end of this year, with the addition of a third shift over the next two quarters. The company had announced previously that it would reduce its summer shutdown by a week.
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Delta Air Lines (NYSE:DAL) reports that its linkup with Saudia Arabian carrier Saudia will be more extensive than was originally announced, as it intends offer reciprocal mileage credits and access to passenger lounges with Saudia, as well as welcoming the carrier to its worldwide marketing alliance.
Shares of Green Mountain Coffee Roasters (NASDAQ:GMCR) move down on word the company’s inquiry by the SEC isn’t over quite yet. The crux of the investigation centers upon how GMCR recognizes revenue, according to transcripts from hearings.
Loews (NYSE:L) intends to acquire a large hotel in California from CIM Group, which will be rebranded into the Loews Hollywood Hotel. The purchase and transformation will become the first in a series, under the company’s strategy to double its line of hotels to more than 30 over the next three to five years.
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