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Friday, September 15, 2006
Ford's Norfolk Plant To Be Closed Down Early According to an ABC News report: "The nation's second biggest automaker said Friday it would shutter a stamping plant in Maumee, Ohio, in 2008 and its Essex engine plant in Windsor, Ontario, in 2007. It will also close an assembly plant in Norfolk, Va., in 2007, a year earlier than previously announced and will cut a shift in January. An assembly plant in St. Paul, Minn., which is scheduled to close in 2008, also will have a shift reduction in 2007. The new cuts bring the total number of plant closures to 16, adding to the 14 plants announced previously. The company has identified nine of the plants to be closed through 2008, but Ford officials would not talk about which facilities would be shut down after that. Ford said it would complete its cuts of about 30,000 hourly jobs by the end of the 2008, four years ahead of its previous target. The company said it already had cut 4,000 salaried positions in the first quarter of this year. The new cuts would reduce Ford's total North American work force by 29 percent, from the current level of about 130,000 to about 92,000 by the end of 2008. The salaried job cuts represent about a third of that work force. " Forbes reports that: "Ford Motor's executive vice president [Anne Stevens], one of the auto industry's highest ranking women, jumped ship on Thursday, just one day before the company announced plans to add 10,000 salaried jobs to its planned job cuts and offer buyouts to all hourly workers. Ford added that up to 30,000 of its hourly workers would be gone by the end of 2008, four years ahead of its previous target." According to CNNMoney.com: "Shares of Ford (down $1.26 to $7.83, Charts) plunged more than 13 percent in late morning trading Friday on the announcement. Merrill Lynch analyst John Murphy downgraded the stock to a "sell" recommendation from his previous neutral rating, saying the company's plans provided less savings than had been hoped by the markets." Blogger News Network is advertiser-supported, and your visits to our advertisers help BNN to meet its expenses. Help keep us afloat! posted by Sharon Secor at 12:16 PM |
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