Ford to idle 14 plants
The Ford Motor Co. today announced its "Way Forward" restructuring plan designed to help the company reverse its $1.6 billion loss in 2005 and prepare its North American business for global competition. The plan includes cutting 25,000 to 30,000 jobs and idling 14 facilities by 2012.
Salary-related costs are being cut 10 percent in North America with the previously announced reduction of the equivalent of 4,000 salaried positions by the end of the first quarter. In addition, the company's officer ranks are being reduced 12 percent by the end of the first quarter.
The company is planning a new low-cost manufacturing site for the future.
More information can be found here.
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