Ford To Announce Layoffs, Plant Closings Monday
|Topics: Ford Motor Company
January 20, 2006
U.S. automaker Ford unveils its latest attempt to stem North American losses on Monday.
Media reports say Ford will cut 25,000 or more jobs over the next four to five years, and close some manufacturing facilities.
Chief Executive Officer William Clay Ford Jr. will announce the new plan, which has been dubbed "Way Forward." It will be the CEO's second major restructuring of the company since taking over in 2001.
Ford is the world's third-largest automaker. It has endured 10 consecutive years of market-share losses to Asian carmakers, particularly Toyota.
Some of its most popular products, such as the Explorer SUV, have seen sales fall dramatically as fuel prices have risen to record levels.
Some information for this report was provided by Bloomberg.
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