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Ford Seeks Job Cuts to Boost Profits in Europe
Ford Motor Co. says it hopes to eliminate “hundreds” of white collar jobs in Europe to help improve its profits there.
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Ford Motor Co. says it hopes to eliminate “hundreds” of white collar jobs in Europe to help improve its profits there.
Ford of Europe President Jim Farley tells Automotive News Europe that some of the company’s 10,300 salaried employees in Europe will be offered voluntary layoff packages as part of a broad effort to lower costs by $200 million (€180 million).
The company reversed years of losses last year with a European pretax profit of $259 million. But its pretax operating profit was only 0.9%.
Farley tells ANE Ford of Europe also hopes to trim its manufacturing costs 7%. He adds that the company will make other unspecified cuts in sales and administrative expenses.
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