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Ford to meet institutional investors next week

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Reuters / October 18, 2002

DETROIT - Ford Motor Co. said on Thursday its top management would hold a series of meetings next week with institutional investors to discuss the company's turnaround plan.

Ford's stock and bond prices have been pushed down this month over worries that the company's turnaround plan aimed at generating $7 billion in annual pretax profits was not moving quickly enough.

The world's second-largest automaker reported a net loss for the third quarter on Wednesday, but had an operating profit excluding one-time items. After the release, Standard & Poor's said it may cut Ford's credit rating on worries about its outlook and its pension costs.

Giving details of a campaign it announced earlier this week, Ford said chairman and CEO Bill Ford Jr., CFO Allan Gilmour and treasurer Malcolm Macdonald would meet with investors next week. Ford also said it will hold teleconferences and broadcast on the Internet one meeting each day between Monday and Thursday.
 
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