Thursday, January 29, 2009

Ford Layoff : Ford Motor Co.'s Finance unit to layoff 1200 workforce

Ford to Layoff 1200 people
Ford Motor Company finance unit plans to cut one fifth of its workforce, or about 1200 people, to save money. More details about this layoff are expected on Jan 29, 2008 when Ford and its finance unit releases fourth quarter and full year results. The layoff will start from mid-February, which include involuntary layoffs, some planned attrition and retirements.
Reasons for Ford Motor Co.'s finance unit jobcut
This jobcut will help keep our costs in line with the level of receivables we have," both reports of Automotive News and Bloomberg News quoted Ford spokeswoman Margaret Mellott as saying.
Effect of Ford Motor Co.'s finance unit jobcut on its share price
Analysts on average expect Ford to post a fourth-quarter loss of $1.22 per share before one-time items, according to Reuters Estimates. That would translate to a loss of more than $2.8 billion.
Ford's previous plan to beat recession
In November, Ford said it planned to improve automotive cash by $14 billion to $17 billion through 2010 through a number of cost cuts, including reducing expenses for salaried workers by 10 percent by the end of January in North America.

Source : Reuters
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