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vegassports-odds.com November 20, 2017


Ford to cut 1400 salaried jobs in North America, Asia

19 May 2017, 10:35 | Melvin Schneider

The cuts are the biggest to Ford's USA white collar staff since 2007, when 7,200 workers took voluntary buyout packages.

The job cuts come following healthy profits and record sales in recent years, though the numbers have been on the decline since the start of 2017.

Ford plans to offer financial incentives to convince salaried employees to depart voluntarily, including generous early retirement offers, a person briefed on the plan said. The company said most skill teams in North American and Asia Pacific will be affected, with the exception of product development and Ford Credit, plant manufacturing, information technology and global data and analytics. Globally, Ford employs a total of about 15,000 salaried workers in the departments that will be affected with about 9,600 of those workers employed in the USA, 1,000 in Mexico, 600 in Canada and 4,141 in Asia Pacific.

Ford's shares have lost more than a third of their value since Mark Fields became chief executive in 2014. "We have not announced any new people efficiency actions, nor do we comment on speculation", the company said.

Ford shares are down almost 40 percent since Fields took the helm in July 2014.

Ford said it will give employees details on the buyout packages in June.

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A Brazilian worker assembles a Ford vehicle on an assembly line at Sao Bernardo do Campo Ford plant, near Sao Paulo, August 13, 2013.

After getting plenty of attention in the automotive realm with rumors of mass layoffs, Ford has released a statement confirming a reduction in its salaried, white-collar workforce.

The cuts are part of a previously announced plan to slash costs by $3 billion, the person said, as USA new vehicles auto sales have shown signs of decline after seven years of consecutive growth since the end of the Great Recession.

Ford announced the $3 billion cost cutting goal at the same time it reported sharply lower first quarter earnings.

Ford won praise from Trump when it announced in early January that it was scrapping plans for a plant in Mexico and would invest $700 million in a MI plant to build electric and self-driving cars. In fact, Ford's stock price barely budged this week. It expects to rake in 9 billion dollars this year, down 1.4 billion dollars from 2016.



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