Ford to Cut 10% of Salaried Workforce in Asia, North America
DOW JONES & COMPANY, INC. 8:26 AM ET 5/17/2017
Symbol Last Price Change
F 10.94 0 (0%)
QUOTES AS OF 04:00:33 PM ET 05/16/2017
Ford Motor Co. (F) said Wednesday it aims to reduce its salaried workforce in North America and Asia by 10%, a cost- cutting move aimed at shoring up profits as the once-booming U.S. and Chinese auto markets start to cool.
Ford will offer about 1,400 white-collar workers early retirement and separation packages as part of the job- cutting plan with people expected to leave by September, the company said. Ford said cuts are under way or completed in other regions.
In a statement, Ford said that it remains focused on "becoming as lean and efficient as possible" but didn't provide any specifics on what would be included in the separation offers.
The move comes as Chief Executive Mark Fields is facing pressure from shareholders and board directors to sharpen the company's focus and reverse a nearly three-year slid in the stock price.
Write to Christina Rogers at christina.rogers@wsj.com
(END) Dow Jones Newswires
05-17-170826ET
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