Ford to cut more jobs
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Manufacturing News, Source : TheManufacturer.com
Published : 22 Jun 2005 18:15
The beleaguered Ford Motor Company has announced plans to cut an addition 1,700 salaried positions.
These new layoffs come on the heels of an April announcement cutting some 1,000 jobs.
The latest announcement is part of a multi-pronged effort by the nation’s number two automaker to cut costs. In addition to the 1,700 layoffs, Ford will reduce the use of agency and purchased services by 10 percent and will eliminate bonuses this year for salaried management employees. The company will also suspend the matching company portion in its 401k plans for salaried employees effective July 1.
"Although we have increased our earnings guidance for the second quarter, challenges continue to mount, especially in our North America automotive operations," said Chief Financial Officer Don Leclair.
Ford earned $1.2 billion in the first quarter, but the company has said it's bracing for tougher times ahead because of lower vehicle production, rising health care expenses, decreased demand for some of its profitable trucks and SUVs and other factors.
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