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At least 14,000 Jobs to Be Cut in Ford Restructuring

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The Ford Motor Company has announced a major restructuring plan that calls for plant closings, worker buyouts and the elimination of an additional 10,000 jobs.

Ford announced the plan Friday. It also calls for suspending payment of the fourth quarter stock dividend. The struggling automaker said it hopes to cut some $5 billion in costs.

The job cuts - combined with 4,000 jobs eliminated earlier this year - represent about one-third of Ford's salaried employees.

The company reached an agreement on the buyout plan with the United Auto Workers Union Thursday. That plan involves about 75,000 union represented hourly workers.

Ford lost $1.4 billion in the first half of this year. Earlier this month, it hired former Boeing executive Alan Mulally to help turn the company around.

The struggling company announced last month that a loss of market share was causing it to cut production by 21 percent.

Some information for this report was provided by AFP, AP and Reuters.


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