Ford Motor Company announced on Nov. 19 that it will sell a portion of its ownership stake in Mazda Motor Corp. Ford, which has been in partnership with Mazda for nearly 30 years, formally owned 33.4 percent of Mazda stock; however, that number has been reduced to just over 13 percent.

Under the agreement, the divestiture of Ford's shares in Mazda will be accomplished both through the sale of shares to Mazda and the sale of shares to a group of Mazda's strategic business partners. The sales of the Mazda shares will net Ford approximately $540 million.

"This agreement allows Ford to raise capital that will help fund our product-led transformation, and at the same time, allows Ford and Mazda to continue our successful strategic relationship in the best interest of both companies," said Ford President and CEO Alan Mulally. "Ford will continue to focus on the Ford brand worldwide and deliver the products our customers really want and value."

Additionally, Ford will maintain a seat on Mazda's Board of Directors. The companies will continue sharing platforms and powertrains, as well as continuing ongoing joint ventures.