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Saturday, September 23, 2006

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Ford Taking New Steps To Cut Costs; Cut 10,000 Jobs

In a less optimistic tone than they have had in the recent past, Ford has announced that they are going to be cutting another 10,000 jobs, close two more factories in Maumee, Ohio, and Windsor, Ontario and eliminate its stock dividend. It has also updated it’s business goals predicting that it won’t make a profit until 2009 and settle for only owning 14-15% of the car market in the country. In July they were outsold by Toyota (something that has never happened) but still expect to hold a slight edge over the Japanese company through the end of the year by holding steady at 16%.

Ford Takes New Steps to Cut Costs (NY Times)

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posted by L.B. at 9:20 PM