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Ford to restructure

Ford Motor Co. Chairman and CEO Bill Ford said today the company, which reported third-quarter losses of $284 million — fueled in part by the North American division's $1.2 billion loss — will deliver a complete plan for North America's turnaround in January. According to Ford, the plan will include significant plant closings where facilities don't fit the company's strategy moving forward.

Ford also said the company is in the process of reducing its payroll in North America, especially in areas that do not contribute to the bottom line. Ford said, "This is not a sacrifice that we will ask only the UAW and its membership to bear. There will be sacrifices asked of people throughout our company from top to bottom in these very difficult circumstances, and we will reduce structure as well as jobs."

Ford went on to say that the company had made considerable progress in areas over the past several months that should favorably impact its results in the years to come. Among the factors Ford cited are the company's deals with Visteon and Hertz, the introduction of a new supply chain management model, and discussions with the UAW regarding health care.

Ford's statement and the third-quarter financials can be found here.