Ford Motor Co. to cut 25,000-30,000 jobs
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Ford Motor Co. on Monday said it will cut 25,000 to 30,000 jobs in North America and idle 14 manufacturing facilities through 2012, hoping to turn around the money-losing unit. Not a good way to start off the week for the U.S. economy.
The sweeping restructuring plan also calls for reducing capacity by 1.2 million units, or 26 percent, by 2008, and targets a material cost reduction of at least $6 billion by 2010. The job cuts, in addition to the previously announced slashing of 4,000 salaried positions and a 12 percent cut in officer ranks by the end of the first quarter in the first quarter of 2006, are the deepest since Ford launched a multiyear restructuring program in 2002.
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