FOREIGN TRADE: Headache Powder

Like many U.S. companies with subsidiaries overseas, Ford Motor Co. has had more than its share of headaches from its foreign holdings, less than its share of profits. A complicated corporate setup has not helped. Much of the stock of eleven European and Middle Eastern Ford companies is owned by the Ford Investment Co., Ltd. of Guernsey, in the Channel Islands, a company which in turn is owned by Ford Motor Co., Ltd. of Britain, in which the U.S. company has a 59% interest.

Thus Detroit's Ford Motor Co. has had little direct voice in running the subsidiaries on the...

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