News of March 28, 1999
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and Nissan join forces to achieve profitable growth for both companies
|March 27, 1999 -- Louis Schweitzer, Chairman and Chief Executive Officer
of Renault, and Yoshikazu Hanawa, President and Chief Executive Officer of Nissan Motor
Co., signed a global partnership agreement in Tokyo on March 27, 1999, to strengthen
Nissans financial position and achieve profitable growth for both partners.
is investing 643 billion yen (approximately 5 billion Euro / FRF 33 billion / US$ 5.4
billion) in Nissan, by taking a 36.8% equity stake in Nissan Motor, a 22.5 % equity stake
in Nissan Diesel and by intending to own Nissans European financial subsidiaries.
Nissan has the option of taking a stake in Renault's share capital at a later date. Carlos
Ghosn, currently Executive Vice President of Renault, will be appointed Chief Operating
Officer of Nissan. In addition, two other top Renault executives will join Nissan's senior
Carlos Ghosn, future Chief Operating Officer of Nissan
|It has been decided to propose the appointment of Yoshikazu Hanawa,
President and Chief Executive Officer of Nissan, to the Renault Board of Directors.
transnational organization will define the global strategy for a profitable growth of the
new entity and promote all synergies between the two companies, while respecting the brand
identities of both partners.
This newly-formed combination which ranks fourth in the world automotive industry, with
an output of 4.8 million vehicles, has the capacity to develop strong synergies worth US$
3.3 billion (FRF 20 billion / Y 390 billion / 3 billion Euro), for the 2000-2002 period
alone, and thus greatly improve its competitiveness.
|IRVINE, Calif. March
25, 1999 Underscoring their support for the Mercury brand, Ford Motor Co.
executives today responded to media and automotive analysts' reports regarding the future
of the Mercury franchise.
"Mercury includes several very strong nameplates with
high levels of customer loyalty. There are great Mercury products on the road today and
more in the pipeline." said Bob Rewey, Ford group vice president for marketing, sales
|Rewey specifically identified the 2000-model Mercury Sable, set to be
introduced next week from the San Diego Auto Show. The new Sable will be introduced to the
world via the Internet a first for Mercury demonstrating the type of
innovative thinking the brand is beginning to stand for.
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