The Wall Street Journal - 02.10.2019

B2| Wednesday, October 2, 2019 ** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Air France-KLM.........B14
Alitalia.......................B14
Allergan.......................B2
Altria Group................B3
Amazon.com..........B5,B6
American Airlines.....B14
AmerisourceBergen....B2
Apollo Global
Management.............B4
Apple...........................A2
Arrowhead Engineered
Products....................A2
AT&T............................A3
B
Barclays.......................B4
Bayer...........................B5
Beyond Meat.............B14
Big River Steel...........B3
Block.one...................B13
Boeing.......................B14
C
Cardinal Health...........B2
Charles Schwab
B1,B13,B14
China Eastern Airlines
B14
Citadel Securities.......B5
Citigroup......................B4
CogitAI........................B5
Comcast......................A3
Continental Resources
B13
CoStar Group..............B6
Credit Suisse Group...B1
D
Delta Air Lines.........B14
Denver Great Hall.....B12
Diamondback EnergyB13
E
Endo International......B2
EOG Resources.........B13
E*Trade FinancialB1,B13

F

Facebook................B1,B4

Fastly.........................B14

Fidelity Investments..B1

Ford Motor..................B2

G

General Motors...B2,B14

GOL Linhas Aereas

Inteligentes............B14

GPM Municipal Advisors

B12

Grupo Aeromexico ...B14

H

Honda Motor...............B2

I

Interactive Brokers

Group.........................B1

J

Johnson & Johnson....B1

Juul Labs.....................B3

K

Koch Minerals.............B3

Korean Air Lines.......B14

L

Latam Airlines Group

B14

Liberty Mutual Group.B5

M

Mahindra & Mahindra B2

Mallinckrodt................B2

Mastercard..................B1

McKesson....................B2

Morningstar................B5

N

Nike.............................A2

Nissan Motor..............B2

P

PayPal Holdings..........B4

Peloton Interactive...B14

Philip Morris

International.............B3

Pinterest...................B14

R

Refinery29...................B4

Robinhood Financial...B1

S

Saudi Arabian Oil.......A2

Shutterfly....................B4

Snapfish......................B4

Stripe...........................B4

T

TD Ameritrade Holding

B1,B13, B13

Tokyo Electric Power

Holdings..................B12

Toyota Motor..............B2

U

UBS Group...................B1

United Airlines Holdings

B14

United Parcel Service.B4

United States Steel....B3

V

Vanguard Group..........B1

Verizon Communications

A3

Vice Media..................B4

Virgin Atlantic..........B14

Virgin Australia

Holdings..................B14

Virtu Financial............B5

Visa..............................B1

W

Walgreens Boots

Alliance.....................B2

We...............................B6

WestJet Airlines......B14

Z

Zoom Video

Communications.....B14

Zscaler.......................B14

INDEX TO PEOPLE

BUSINESS & FINANCE

has made over the past several

years under Chief Executive

Mary Barra. GM has left Rus-

sia and several Asian markets,

and ended sales in India. It

also sold its European busi-

ness in 2017.

Ford said its decision to re-

main in India through the joint

venture was based on growth

expectations for the market

and its strategic importance as

an export hub.

Ford exports its EcoSport

small sport-utility vehicle

from India to the U.S. and

other developed markets. Ma-

hindra’s engineering expertise

in emerging-market vehicles

will help Ford develop low-

cost SUVs for export to emerg-

ing markets, Mr. Farley said.

Mahindra will own 51% of

the venture and Ford 49%. The

companies value the venture

at $275 million.

Ford expects to book an

$800 million to $900 million

noncash charge related to the

establishment of the joint ven-

ture in the third quarter, the

company said Tuesday.

Farley said.

There has been a prolifera-

tion of strategic tie-ups among

major car companies in recent

years, driven by their pressing

need to invest capital in elec-

tric cars, in-vehicle connectiv-

ity and other budding technol-

ogies with an uncertain payoff.

The auto industry also faces

slowing sales in key markets

such as China, Europe and the

U.S. after a long period of

growth, putting pressure on

auto executives to find more

cost savings.

Under Chief Executive Jim

Hackett, Ford has struck many

partnerships with car compa-

nies, technology firms and

startups to spread costs and

access technology. This year,

Ford formed an alliance with

Volkswagen AG to co-develop

commercial and electric vehi-

cles and work together on au-

tonomous cars. Ford also is

working on an electric vehicle

with Rivian Automotive, an

electric-truck startup based in

the Detroit area.

Mr. Hackett has been over-

Ford Motor Co. said it will

transfer most of its operations

in India to Mahindra & Ma-

hindra Ltd. as part of a joint

venture with the Indian auto

maker, the latest example of

auto makers pooling resources

and reducing exposure to chal-

lenging markets.

The Dearborn, Mich., auto

maker has struggled to earn

money in India, where its mar-

ket share remains below 5%,

and pricing pressure on the

cars it sells there keeps profit

margins slim.

The joint venture will en-

able Ford, which has been

making cars in India for more

than two decades, to remain in

a country that has growth po-

tential without having to

shoulder the full cost burden

of developing new models.

Ford said the joint venture

will design and build vehicles

for Ford and Mahindra in India

and serve as an export hub to

North America, Europe and

other regions. The company

said the move will also add

scale by gaining access to Ma-

hindra’s Indian supply base

and leveraging its expertise in

low-cost engineering.

Each auto maker will con-

tinue to sell vehicles under

their respective brands in In-

dia, where combined they have

a 14% market share, the com-

panies said.

Ford will use Mahindra’s

engineering approach to de-

velop vehicles for export to

emerging markets, including

Southeast Asia and Africa, Jim

Farley, Ford’s president of new

business, technology and

strategy, said in an interview.

The joint-venture structure

will reduce Ford’s expenses

while increasing scale in India,

where the auto maker turned

a small profit last year, Mr.

BYMIKECOLIAS

ANDPATRICKTHOMAS

Ford Retrenches With India Deal

Joint-venture partner Mahindra will offer expertise in low-cost engineering. A Mahindra assembly line last year.

UDIT KULSHRESTHA/BLOOMBERG NEWS

Japanese Makers

Stumble in the U.S.

Major Japanese auto mak-

ers reported a drop in U.S. vehi-

cle sales for September as the

American car market’s historic

run tapers off.

Toyota Motor Corp., Nissan

Motor Co. and Honda Motor

Co. all posted double-digit-per-

centage sales declines from a

year earlier.

Two fewer selling days and

an early Labor Day holiday

were expected to slow down

auto sales, but the decline was

greater than industry analysts

had expected.

Toyota said Tuesday that it

sold 169,656 vehicles in its lat-

est month, a decrease of nearly

17% on a volume basis and a

decline of 9% on a daily selling

rate, compared with the same

period a year earlier. Analysts

at Edmunds had expected the

company to sell 180,595 vehi-

cles for the month.

Honda reported its U.S.

sales fell 14% to 113,925 vehi-

cles, below the roughly 120,000

that analysts were expecting.

Nissan said its U.S. sales de-

clined 18%, slightly better than

the 20% drop that was ex-

pected. Nissan’s falling sales

come as it searches for a new

chief executive.

U.S. vehicle sales this year

are projected to be 17.1 million,

according to Edmunds, slightly

lower than the past few years.

Rising car prices and higher in-

terest rates dulled demand in

the first six months of 2019.

Detroit auto makers General

Motors Co. and Ford Motor Co.,

as well as Fiat Chrysler Auto-

mobiles NV, recently ended

their long-term practice of re-

porting monthly U.S. sales

numbers, although most major

car companies still disclose the

results each month. The com-

panies now report their U.S.

sales quarterly.

Car prices have been rising

rapidly as new technological

and safety features, such as

larger and more sophisticated

multimedia displays, have made

basic cars more expensive.

—Patrick Thomas

hauling Ford’s overseas opera-

tions, under a plan to boost

overall profitability by steer-

ing investment toward more-

profitable parts of the auto

maker, such as its North

American truck portfolio.

In markets where Ford has

struggled to turn a profit or

build sizable market share, it

has reduced its presence or

exited entirely. Last spring,

Ford ended production and

sales in Russia. The company

also is in the midst of selling

or closing several plants in

Western Europe, narrowing its

focus mostly to larger vehicles

for commercial buyers.

The moves are similar to

ones rival General Motors Co.

A new joint venture

will develop vehicles

for export to

emerging markets.

owned parts warehouses and

distribution centers also

staffed with UAW-represented

workers. Contract talks be-

tween GM and the UAW contin-

ued Tuesday but the two sides

are still far apart on resolving

their differences.

In a letter to members Tues-

day, UAW Vice President Terry

Dittes, the union’s lead bar-

gainer with GM, said the com-

pany made a comprehensive

proposal for a new labor agree-

ment Monday night but the of-

fer still failed to meet the

union’s demands. The UAW re-

sponded with a counterpro-

posal Tuesday, Mr. Dittes said.

GM said: “We continue to

negotiate and exchange pro-

posals.”

Large parts suppliers have

suffered from the work stop-

page at GM, with some facing a

weekly hit to the bottom line of

more than $10 million a week,

JPMorgan Chase & Co. said in a

research note Tuesday.

GM dealers are scrambling

to find parts to fix vehicles and

perform regular maintenance,

resulting in customers having

to wait for service work.

The shutdown in Mexico

means GM isn’t currently

building any pickup trucks, a

situation that could signifi-

cantly dent earnings the longer

the strike drags on. GM makes

versions of its Chevrolet Sil-

verado and GMC Sierra pickup

trucks at the Mexico plant.

Those models are GM’s top-

selling U.S. vehicles and gener-

ate the bulk of the company’s

global profit, analysts estimate.

GM also makes those trucks

at factories in Indiana and

Michigan, which have been

idled for more than two weeks

after some 46,000 full-time

workers went on strike after a

four-year contract expired.

The lost production from

the strike so far hasn’t led to a

shortage of trucks or other ve-

hicles at GM showrooms, deal-

ers have said.

But the strike has been a di-

rect hit to GM’s profit, because

auto makers book revenue

when vehicles are shipped to

dealerships. Analysts had esti-

mated the strike was costing

GM $50 million to $100 million

a day before the Mexican truck

plant was idled.

—Nora Naughton

contributed to this article.

General Motors Co. said a
parts shortage stemming from
a United Auto Workers strike
in the U.S. led it to idle a
pickup-truck factory in Mexico,
cutting off the supply of GM’s
most-profitable vehicles and
further threatening to dent its
bottom line.
GM has temporarily let go
about 6,000 workers at its
truck plant in Silao, Mexico,
along with a transmission plant
nearby, a company spokesman
confirmed. The auto maker
closed the facilities because
parts shipments from the U.S.,
where factory workers remain
on strike, have dried up, he
said. Those affected by the
work stoppage will get some
pay or take vacation while the
plant is idled, he said.
The move is the latest sign
that the strike is having a
broader ripple effect on the
company’s North American op-
erations and the auto-parts
suppliers and firms dependent
on GM’s U.S. factory production
for business.
The strike, which began 16
days ago, has halted manufac-
turing lines at more than 30
GM factories in the U.S. and
suspended work at company-

BYMIKECOLIAS

GM Idles Mexico Truck Plant Amid Strike

With a parts shortage, the company can no longer make pickups.

EDGARD GARRIDO/REUTERS

ies including Cleveland and
Akron that have been hard hit
by the opioid crisis.
As in thousands of other
opioid-related lawsuits filed
by local and state govern-
ments, the counties accused
J&J and other companies of
contributing to widespread
addiction through aggressive
marketing practices and lax
distribution policies.
J&J said Tuesday the com-
pany is “open to identifying an
appropriate, comprehensive
resolution of the overall opioid
litigation” but is also prepared
to defend its marketing and
other actions.
Attorneys for the two coun-
ties said the settlement pro-
vides urgently needed funds
for programs like those to
treat babies born to opioid-ad-
dicted mothers. The lawyers
said they continue to prepare

Continued from page B1

B

Bastian, Ed................B14
C

Cousin, Ertharin..........B5
Crosthwaite, K.C.........B3
Cueto, Enrique..........B14

D
Day, Kim....................B12
Disparte, Dante..........B4
Dittes, Terry................B2

E

Ebeling, Thomas.........B5
F

Fabian, Matt.............B12
Farley, Jim...................B2

G-H

Gallucci, Frank.............B2

Guyger, Amber............A3

Hamm, Harold...........B13

Hite, Amanda..............B6

Hooper, Kristina........B13

J

Jean, Botham.............A3

Jong, Kim....................A7

M-P

Mayor, Regina...........B13

Meir, Edward.............B13

Morgan, Daniel.........B13

Muguruma, Naomi......A7

Murillo, Joe.................B3

Neumann, Adam.........B6

Ozden, Omer...............B6

Parker, Mark...............A2

R

Ryan, Devin.................B1

S

Salazar, Alberto..........A2

Samuels, Chuck........B12

Simko, Sean..............B13

T

Tran, Michael............B13

W

Wenning, Werner.......B5

Z

Zuckerberg, Mark.......B1

for trial “to hold the remain-

ing opioid makers and distrib-

utors accountable for fueling

the crisis that has led to thou-

sands of deaths in Ohio and

across the country.”

Drugmaker Mallinckrodt

PLC completed a $30 million

deal this week with Cuyahoga

and Summit counties. Endo

International PLC had previ-

ously agreed to pay the coun-

ties $10 million, while Aller-

gan PLC had agreed to pay $5

million to avoid the trial.

The litigation has weighed

on J&J, of New Brunswick, N.J.

The company lost the first

opioid case to go to trial, in

Oklahoma.

A state court judge there

ordered the pharmaceutical

and consumer-products com-

pany to pay $572 million for

contributing to the state’s opi-

oid crisis. The company is ap-

pealing the verdict.

The Ohio trial is now shap-

ing up to focus mostly on the

companies that distribute

drugs.

Companies still included in

the case as of Tuesday include

AmerisourceBergen Corp.,

McKesson Corp., Cardinal

Health Inc. and Walgreens

Boots Alliance Inc.

J&J Settles

Opioid

Lawsuits

320Parkavenue,newYork,nY10022-6839

Notice of Nomination of Directors

InaccordancewithSection4210oftheInsuranceLawoftheStateof

NewYorkandRegulation14-AoftheInsuranceRegulationsofthe

StateofNewYork,noticeisherebygiventhattheBoardofDirectors

of Mutual ofAmerica Life Insurance Company has nominated the

following named persons as candidates for election as Directors in

theclassdesignatedtoserveuntiltheelectionin2023oruntiltheir

respectivesuccessorshavebeendulyelected.

RosemaryT.Berkery

ChairmanandCEO(Retired)

UBSBankUSA

NewYork,NewYork

JohnR.Greed

Chairman,PresidentandChiefExecutiveOfficer

MutualofAmericaLifeInsuranceCompany

NewYork,NewYork

AmirLear

ChairmanandChiefExecutiveOfficer

MutualofAmericaCapitalManagementLLC

NewYork,NewYork

ConnieMack(FormerU.S.Senator-FL)

ChairmanEmeritus

H.LeeMoffittCancerCenter

Tampa,Florida

RobertJ.McGuire,Esq.

NewYork,NewYork

Acertificateofnominationoftheabovecandidateshasbeendulyfiled

withtheNewYorkStateDepartmentofFinancialServices.

TheelectionofDirectorsofMutualofAmericaLifeInsuranceCompany

willbeheldattheHomeOffice,320ParkAvenue,NewYork,NewYork,

onThursday,April23,2020,from10:00a.m.to4:00p.m.Policyholders

whosepoliciesorcontractsareinforceonthedateoftheelectionand

havebeeninforceatleastoneyearpriortheretoareentitledtovotein

personorbymail,byproxyorbyballot.

ScottH.Rothstein

ExecutiveVicePresident,

DeputyGeneralCounsel

andInterimCorporateSecretary

October2,2019

F

non-c