Monday September 18, 2006

Ford to cut 14000 jobs, close 16 factories

news.bbc.co.uk :

Ford is cutting 14,000 white-collar jobs in North America as it tries to turn round its flagging business. It is also to close 16 factories by 2008, instead of shutting 12 by 2012 as previously announced. It said these measures would help it reduce annual costs by about $5 billion by the end of 2008.

Ford had earlier said it would offer redundancy and early retirement packages to all of its 75,000 unionised US blue-collar workers. When it first floated its redundancy programme the troubled firm said it was prepared to make individual buyout offers of up to $140,000. The firm also now says its US plants will not see profit until 2009. Ford will also suspend its share dividend payout as part of the cost-cutting.

Ford currently operates the Ford, Land Rover, Mercury, Lincoln, Jaguar, Volvo and Aston Martin brands, and has a joint operation with Japan's Mazda. Around the globe Ford employs a total of 300,000 workers.

See also :

1. Ford to cut production
2. GM to cut production

(2006-09-18 12:50:00 SGT) [Biz] Permalink

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