Ford to cut 13,000 jobs....
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Ford to cut 13,000 jobs....
http://www.autonews.com/apps/pbcs.dll/arti.../625680840/1200
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NEW YORK (Reuters) -- Ford Motor Co is set to announce up to 13,000 new job cuts after agreeing with the United Auto Workers union on terms of the redundancies, The Wall Street Journal reported today.
The report, quoting people familiar with the matter, said the announcement could come as early today and that the cuts may affect as many as 11,000 hourly jobs and as many as 2,000 salaried positions.
That would be on top of some 44,000 jobs Ford has already shed since early 2006, it said.
Ford officials were not immediately available for comment.
Ford has been restructuring its operations in North America to match its decline to a mid-teens market share in recent years.
CEO Alan Mulally said earlier this week that Ford needed about $17 billion for its restructuring and was able to obtain about $23 billion in financing, giving it some cushion against a further downturn.
The company reports fourth-quarter results today. Its third-quarter net loss totalled $380 million.
The report, quoting people familiar with the matter, said the announcement could come as early today and that the cuts may affect as many as 11,000 hourly jobs and as many as 2,000 salaried positions.
That would be on top of some 44,000 jobs Ford has already shed since early 2006, it said.
Ford officials were not immediately available for comment.
Ford has been restructuring its operations in North America to match its decline to a mid-teens market share in recent years.
CEO Alan Mulally said earlier this week that Ford needed about $17 billion for its restructuring and was able to obtain about $23 billion in financing, giving it some cushion against a further downturn.
The company reports fourth-quarter results today. Its third-quarter net loss totalled $380 million.