Ford’s losses spark return-to-profit purge
Ford Motor Company has announced a major restructuring after a $1.44 billion first-half loss.
Ford Motor Company has announced a major restructuring after a $1.44 billion first-half loss. It will shed an additional 10,000 salaried jobs in North America and has delayed its target date for returning to profit in the region by a year.
Ford will also finish cutting 30,000 North American factory jobs and shutting 14 plants by20 08 instead of 2012. Buyouts of as much as $140,000 will be offered to all hourly workers.
The company’s quarterly dividend will be suspended for the...
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine