Ford to Cut One in Ten Salaried Workers in North America, Asia
May 20 2017 by Larry Hoffman
Ford Motor Co. said Wednesday it aims to reduce its salaried workforce in North America and Asia by 10%, a cost-cutting move aimed at shoring up profits amid cooling sales in the once-booming USA and Chinese auto markets.
The Dearborn automaker Ford said workers eligible for a voluntary reduction program, will be offered early retirement and special separation packages through the end of September. The cuts are said to largely target salaried employees.
Ford Motor Co. said it's making an "accelerated attack on costs" by offering voluntary buyout packages to salaried workers in North America and Asia, as Chief Executive Officer Mark Fields faces pressure to improve profit and boost the carmaker's stock price. Ford's share price has fallen almost 40 percent over the past three years.
Ford will cut up to 10 per cent of its global workforce in an effort to cut $3 billion in costs in the midst of falling vehicle sales and increased spending on advanced technologies.
Certain areas of the business won't be targeted, including Ford's product development and credit divisions.
General Motors Co GM.N has cut more than 4,000 U.S.jobs since November, and moved to conserve capital by shedding its European operations and closing unprofitable operations in Asia.
Ford also isn't likely to cut jobs in its emerging businesses, such as its research center in Palo Alto, California.
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