Ford Europe to slash thousands of jobs in turnaround plan
Frankfurt — Ford said on Thursday it will cut thousands of jobs, look at plant closures and discontinue loss-making vehicle lines as part of a turnaround effort aimed at achieving a 6 percent operating margin in Europe. Ford Europe has been losing money for years and pressure to restructure its operations has increased since arch-rival General Motors raised profits by selling its European Opel and Vauxhall brands to France's Peugeot SA. Ford said it will seek to exit the multivan segment and focus on developing more profitable "crossover" and sports utility vehicles, and will stop manufacturing automatic transmissions in Bordeaux in August. It will also review its operations in Russia, and combine the headquarters of Ford U.K. and Ford Credit to a site in Dunton, Essex. "We are taking decisive action to transform the Ford business in Europe," Steven Armstrong, group vice-president, Europe, Middle East and Africa, said in a statement. "We want to be a net contributor of capital and n...
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