Ford to unveil North America restructuring details Jan. 23
Ford to unveil North America restructuring details Jan. 23
Ford Motor Co. (F) will announce the details of its North American turnaround plan on Jan. 23 following the release of its fourth-quarter financial results, the auto maker said Tuesday.
The Dearborn, Mich., company said in October, at the time of its third-quarter earnings report, that it would unveil a North American restructuring plan in January involving significant plant closings where facilities don’t fit company strategy. Speculation has mounted in recent months that as many as 10 plants and 30,000 blue-collar jobs could be shed by 2011. Ford has about 100,000 hourly workers.
Ford posted a net loss of $284 million in the third quarter, representing the first quarter since 2003 that the company failed to register a profit. The performance was dragged down by the $1.2 billion loss posted by Ford’s North American automotive business.
Like its larger rival General Motors Corp. (GM), Ford has struggled in an environment of high costs and declining demand for its products, as foreign competitors with leaner cost structures grab market share in the U.S. The slowdown in sales of highly profitable trucks and SUVs has been particularly damaging for U.S. auto makers in recent months.
More: marketwatch.com