Ford to cut 4000 jobs in North America

Ford Motor Co. facing a deepening financial crisis, said on Friday it plans to eliminate 4,000 salaried jobs, or 10 percent of its North American white-collar work force, as part of a larger restructuring plan. A majority of the job cuts will be made in the first quarter of 2006. They will be in addition to the 2,750 job losses already announced this year.

Ford lost $284 million in the third quarter and its automotive division is in the red. Its North American vehicle operations have lost more than $1.4 billion before taxes so far this year. The company's shares have dropped more than 40 percent since the end of 2004.

Ford, like cross-town rival General Motors Corp, has seen its margins squeezed by intense competition in the U.S. market and by a dramatic slowdown in sales of cash cows such as mid-size and large SUVs due to high gasoline prices. The two companies are also facing higher costs and a cut in their credit ratings to high-yield, or "junk," status.

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(2005-11-19 21:43:06 SGT) [Biz] Permalink

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