GM closed its Holden factory in Australia on Friday, ending more than a century of car manufacturing in the country. Hundreds of workers will be left jobless, just weeks after Toyota shut a plant in neighboring Victoria state, where Ford closed two sites last year.
Ford may be both flush with cash and struggling with its stock price, but new CEO Jim Hackett is in no rush to buy Wall Street's love. The carmaker's $28 billion cash pile isn't “burning a hole in our pocket,” Hackett said earlier this month.
Former Ford Motor CEO Mark Fields has been named a senior adviser at private equity firm TPG Capital, where he will be tasked with helping reinvent companies in the way that he attempted to transform Ford.