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Ford to Eliminate 4,000 more Jobs

November 20th, 2005

Ford to Eliminate 4,000 more Jobs

Ford SUV

Ford announced on Friday, November 18th, that they plan to lay off 4,000 salaried jobs.  The financial strain that the Ford Motor Co. is experiencing, has forced the job cuts of around 10% in the US for the white collar workers.

This is an attempt to restructure their company to pull out of the financial crisis.  They announced by email that they will make the cuts in the first quarter of 2006. 

Ford has already announced 2,750 job losses this year; this will bring the total up do 6,750 jobs lost in the next few months.  The reason for all the jobs being lost is because in the 3rd quarter of 2005 they lost $284 million. The North American division lost more $1.4 billion this year before taxes are calculated.
 

Plans to close plants in North America are in the equation for their ability to pull out of this financial crisis.

In December the restructuring plan will be announced which will more than likely include more lay offs.  These workers will be looking for new jobs.

 

SUV vehicles have been a strong seller for Ford that is until the gas prices started to rise.  This could be part of the reason for the failing profits.  Ford also has import brands - Jaguar, Aston Martin, Land Rover, and Volvo.

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By Nicole Wilson
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Copyright 2005 Best Syndication                                            Last Updated Saturday, July 10, 2010 09:46 PM