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Article: Ford Calls for Job Cuts, Plant Closings As It Reports Loss; CEO Sees 'Dramatic Restructuring'
- Article from:
- The Washington Post
- Article date:
- October 21, 2005
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Ford Motor Co. reported a $1.2 billion third-quarter loss in its
core North American division and warned that it would begin another
major overhaul in January with "top-to-bottom" job cuts and
"significant" plant closings.
Ford's announcement came days after General Motors Corp. announced
its own restructuring plans. The carmakers' troubles have tipped the
nation's biggest auto-parts supplier into bankruptcy protection and
put pressure on unionized workers to make concessions. Responding to
a sustained slide in market share, the auto companies are undertaking
two of the largest restructurings in years. GM and Ford are aiming
to be smaller, lower-cost producers with fewer plants and fewer ...