Ford to cut 4,000 jobs in North America
Grover C. McCoury III
(Reuters) Ford Motor Co., facing a deepening financial crisis, said on
Friday it plans to eliminate 4,000 salaried jobs, or 10 percent of its North
American white-collar work force, as part of a larger restructuring plan.
A majority of the job cuts -- announced to employees in an e-mail
distributed by Mark Fields, president of Ford's Americas business -- will be
made in the first quarter of 2006, spokesman Oscar Suris said.
The cuts will come through attrition, layoffs and the elimination of some
agency and contract positions, Suris said.
They will be in addition to the 2,750 job losses already announced by the
automaker this year,
Ford lost $284 million in the third quarter and its automotive division is
in the red. Its North American vehicle operations have lost more than $1.4
billion before taxes so far this year.
The company's shares have dropped more than 40 percent since the end of
2004. They hit $7.57 per share on Thursday, the lowest in more than two
years, before rebounding to $8.41 per share on Friday.
Ford Chairman and Chief Executive Bill Ford Jr. said last month that the
automaker will announce its long-awaited restructuring plan -- dubbed "Way
Forward" -- in January.
He also warned that the plan would include "significant plant closings" to
help slash costs in North America.
Fields and his team are expected to present Bill Ford with the restructuring
plan in December.
Ford, like cross-town rival General Motors Corp., has seen its margins
squeezed by intense competition in the U.S. market and by a dramatic
slowdown in sales of cash cows such as mid-size and large SUVs due to high
gasoline prices.
The two companies are also facing higher costs and a cut in their credit
ratings to high-yield, or "junk," status.
Ford has taken a number of steps this year to strengthen its balance sheet,
including the sale its Hertz Corp. rental car unit.
It also agreed to bailout former parts subsidiary Visteon Corp. and
announced that it intends to increase the production of hybrid vehicles
tenfold to 250,000 annually.
Yet another $.02 worth from a proud owner of a 1970 Mach 1 351C @
http://community.webshots.com/album/18644819fHAehGJAjt
Scott
"Grover C. McCoury III" <gcmc...@yahoo.com> wrote in message
news:rrCdnS1jnIy...@adelphia.com...
How very sad. I have always had good luck with American cars,
currently have five in the driveway. You just couldn't sell me
a Toyota.
Art
future. No mention of job cuts. I hope they fire the guy who designed the
straps holding the Ford 500 gas tanks in place.
"Grover C. McCoury III" <gcmc...@yahoo.com> wrote in message
news:rrCdnS1jnIy...@adelphia.com...
Backyard Mechanic
> I hope they fire the guy who designed the
> straps holding the Ford 500 gas tanks in place.
You REALLY dont know how things work in production monoliths, do you!
Why would you fire a guy for doing what he's told to do?
{editorial}
Herein lies the rub in those who yearn for a 'new' Marxist economy...
nothing would really change, except that the people involved in such as
this could cover their asses much more easily... and there would be NO
advise and consent NOR independent audit.
{/editorial}
--
Yeh, I'm a Krusty old Geezer, putting up with my 'smartass' is the price
you pay..DEAL with it!
Rowbotth
It is a good thing that parts of the country are experiencing a
requirement for manpower. So if they can consider relocating, their
economic future is not totally bleak, at least.
H.
Howard Nelson
vehicles tenfold to 250,000 annually.
I have been very happy with my Ford products (1989 Mustang 5.0 and 1995
Windstar) since I purchased the Ford extended warrantee and it covered
significant costs (AC and transmission repair and new paint job on the
Mustang and New Transmission and New Engine on the Windstar). They are still
daily drivers with 100K on the Mustang and 200K on the Windstar.
I heard Bill Ford Jr. in a radio ad yesterday promoting Ford's commitment to
hybrids. Given the universally bad reviews the current Ford hybrid has
received in comparison to hybrid models from Toyota and Honda I think he
would have done better to take a page from the Hyundai book and instead
announce a renewed commitment to quality and a 10 year/100K warrantee on all
Ford vehicles. I own Ford stock :( and would like to purchase a Ford in the
future but the current lineup just doesn't have appeal or make economic
sense to me. I hope they are able to get their act together.
Howard
Mike Hunter
akin to the federal government budget problem, extraordinarily high current
expenses not lack of income. For the government it is war and disaster
costs. For GM and Ford it is the costs of bringing their 20 or more all new
models to market and the new more modern plants is which they are being
built. GM currently has the largest number of top rated production
facilities. Ford revised Rouge plant is state of the art and more efficient
than any plant operated by Toyota or Honda. When it comes to cars, Toyotas
rebates are actually higher than those of GM and Fords on their new 2006
models with which they compete.
The anti domestic guys would have folks believe Toyotas never break down
and never have recalls to fix things that may have gone wrong. As we saw in
or business like all manufactures some of Toyotas vehicles are not up to
snuff as well. They ALL break down and they all have recalls, that is why
they all offer a warranty. The truth is they ALL are building good high
quality reliable vehicles today. The only real difference is style and
drive home price as well as the vast different in parts costs for imports an
domestics.
I fell for that Toyota is better stuff back in 1986 and bought seven Lexus
V8s over the next ten years. When I was ready to buy another the dealer
wanted me to pay MSRP and I walked. My experience with Lexus convinced me
they were no better or worse than any other of the cars I have owned. I
switch to a Lincoln LS and it proved to be just as good as the Lexus' I had
owned, but the LS cost over 23K less. I added a few thousand and bought a
Mustang GT convertible at the same time. Since that time I have owned
several more LSs and GTs. Currently I have a 2005 LS Sport and a 2005 GT
convertible and a 2006 Zephyr. I have not had a bad car among the dozens I
have owned, in a longer time than I can remember. Both the domestic and the
imports have all been trouble free Toyotas are good cars but no better than
any other and certainly not worth the premium prices that the dealers
charge you to drive one home
The reason the anti domestic guys like to post GM and Fords problem in GM
and Ford NG is simply because they are \ trying to justify to themselves
the fact that they paid too much for a car that is in fact just another
average car. ;)
mike hunt
.
"Scott" <homealone.com> wrote in message
news:11nup14...@corp.supernews.com...
>
> "Grover C. McCoury III" <gcmc...@yahoo.com> wrote in message
> news:rrCdnS1jnIy...@adelphia.com...
>> Sat Nov 19, 2005
>> (Reuters) Ford Motor Co., facing a deepening financial crisis, said on
>> Friday it plans to eliminate 4,000 salaried jobs, or 10 percent of its
>> North American white-collar work force, as part of a larger restructuring
>> plan.
<snip>
Rich
Apparently, you're Walmart- shopping countrymen don't agree.
-Rich
Dale Yonz
On 11/19/05 8:39 AM, in article rrCdnS1jnIy...@adelphia.com, "Grover
Art
companies.
"Backyard Mechanic" <pett...@yaywho.com> wrote in message
news:Xns9713871E1A...@207.115.63.158...
Art
in their hohum cars.
I am thinking of replacing my Avalon with a minivan. I drove the Ford,
Chrysler, Honda and Toyota. The Chrysler is $5k overpriced so they can
advertise a big rebate. I didn't bother getting pricing on the Ford because
it wasn't close to the other models in quality and features. Both the Honda
and Toyota are well priced. You can can a new Sienna CE which is their
cheapest model but still reasonably equipped with a discount that brings it
down to an amazing $18500. We will probably get a high end Odessey though.
There was no point in driving a GM minivan though.... they are pathetic.
"Mike Hunter" <mike...@mailcity.com> wrote in message
news:rcCdna7jM6o...@ptd.net...
Backyard Mechanic
influence on them.
Care to modify your statement?
"Art" <begunaNOS...@mindspring.com> wrote:
> Actually I worked for Kodak 5 years. I know exactly how things work
> in big companies.
>
>
>>> I hope they fire the guy who designed the
>>> straps holding the Ford 500 gas tanks in place.
>>
>> You REALLY dont know how things work in production monoliths, do you!
>>
>> Why would you fire a guy for doing what he's told to do?
--
Art
excuse for the screw up. It would be like Kodak putting out film with leaky
cartridges. Ever hear of that happening?
"Backyard Mechanic" <pett...@yaywho.com> wrote in message
news:Xns971487D912...@207.115.63.158...
Thadius Fudpucker
Questions: If Iraq started making cars next year.
Would you buy one?
Would you give them tax abatements for building in your state?
Mike Hunter
mind made up before up shopped. LOL
An astute buyer will always drive all those that meets the needs, then buy
the one with the total drive home price that best suits their budget.
mike
"Thadius Fudpucker" <no...@nomail.com> wrote in message
news:dF6gf.136800$tD4....@tornado.ohiordc.rr.com...
Dale Yonz
On 11/20/05 4:20 PM, in article
dF6gf.136800$tD4....@tornado.ohiordc.rr.com, "Thadius Fudpucker"
<no...@nomail.com> wrote:
They would probably manufacture flying carpets :))
C. E. White
"Art" <begunaNOS...@mindspring.com> wrote in message
news:P95gf.912$aA2...@newsread2.news.atl.earthlink.net...
> Nope. Ford has been strapping gas tanks to cars for a hundred years. No
> excuse for the screw up. It would be like Kodak putting out film with
> leaky cartridges. Ever hear of that happening?
Did you read the details? The supplier changed the material, apprently
without Ford's concurence. Ford found the problem during extended life
testing. None have failed in the feild. It is sort of like the way Toyota
discoverd the sludge problem during extensive life testing - oh wait, they
let the Customers do that for them didn't they. Oh well at least Toyta
iodentified that balljoint problem - oh wait, they let the Custmoer find
that one to. Oh well at leat they were on top of the Sienna gas tank falling
out, you know the same sort of problem as defective gas tank straps.
Ed
Ed
Art
"Thadius Fudpucker" <no...@nomail.com> wrote in message
news:dF6gf.136800$tD4....@tornado.ohiordc.rr.com...
If it would help bring our soldiers home and the car was well built, suited
my needs and reasonably priced, why not. As far as state tax abatements go,
the most sickening one went to Dell in NC. I think they got $300 million in
subsidies.
Art
http://www.edmunds.com/news/column/carmudgeon/100514/article.html
Perhaps some of the people at Ford who write press releases need to be laid
off. If you have an entire department who's job it is to publicize recalls
to the world, you can bet the world will hear about them.
"C. E. White" <cew...@mindspring.com> wrote in message
news:1FSgf.2363$aA2...@newsread2.news.atl.earthlink.net...
Oscar_Lives
Toyotas are built in America by Americans.
BradandBrooks
Hola. I gotta admit, I only have one Ford in my driveway. But, it IS 26
years old and my daily (dead of winter) driver. Fucking thing just keeps
going and going. My summer car is another Ford: 13 years old now. My dad
still drives his 85 Lincoln to work everyday, even in the dead of winter.
The 2001 Lexus he bought for my mom sits in the garage most days. Oh, BTW,
the Lexus got hit. Front headlamp replacement cost? No shit: $1,600 CDN.
That DID NOT include the side lamp. The "lamps" for my 26 year old Ford are
$9.99 at Canadian Tire, $20 if I get the good ones.
Brad