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Ford reinvesting $50M ventilator production profit into charitable coronavirus-fighting efforts
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Ford turned a $50 million profit on the $336 million contract it entered with the U.S. government this year to help to build 50,000 ventilators for the Department of Health and Human Service’s national stockpile, but it won’t be putting any of it in the bank.
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Company Chairman Bill Ford Jr. announced in a LinkedIn post that the automaker is reinvesting the funds into future COVID-fighting efforts, including the production of 100 million masks that it will donate to underserved communities.
Jim Baumbick, Ford's vice president of enterprise product line management, oversaw the effort and said the surplus was the result of purchasing and manufacturing efficiencies realized during the project by Ford, General Electric and their suppliers.