Ford plans to cut 1,150 jobs in Britain, Unite union says

Ford logo

Within the first nine months of 2018, Ford reported a loss of $199 million in Europe versus its $278 million profit in 2017 over the same time period.

The brand said that every part of the company's European business will come under review as part of a switch in strategy for the blue oval as part of a process which would also see it "improve or exit less profitable vehicle lines".

"Structural cost improvements will be supported by reduction of surplus labour across all functions -- salaried and hourly", it said.

The UK's biggest vehicle manufacturer Jaguar Land Rover (JLR) also announced on Thursday it would cut 4,500 jobs, or about 10% of its workforce, in a bid to save money.

Ford will seek to reduce European staff through voluntary measures as far as possible, the Dearborn, Michigan-based manufacturer said in a statement. The firm also said that it will be working closely with social partners and other stakeholders to achieve this objective.

"We are looking to make a step-change in the performance of the business", Steven Armstrong, Ford's head of Europe, said Thursday in an interview with Bloomberg News. The 52-week range is $7.41 to $13.48, and the consensus price target is $9.97. How many exactly are affected, leaving the Ford open.

The remaining cuts would be at Ford's transport operations, affecting lorry drivers across the United Kingdom, the union added.


With speculation swirling about the details of an nearly certain link up between Ford Motor Co. and Volkswagen AG, the company announced it plans to cut "thousands" of jobs in Europe in the near term.

Ford shares traded down 0.5 percent to $8.68 as of 11 a.m. Thursday in NY trading.

Ford also will build on its success in the growing utility segment in Europe. From Fiesta to Transit, either a mild-hybrid, full-hybrid, plug-in hybrid or full battery electric option will be offered, delivering one of the most encompassing line-ups of electrified options for European customers. Its unprofitable Russian joint venture, Ford Sollers, is under strategic review, says Armstrong, with a decision on its future likely in the second quarter.

The auto maker has said that it would close a factory in Bordeaux, France, at the end of August 2019 and will also stop producing two of its mini vans at its factory in Saarlouis, Germany, reported the New York Times.

The European arm will now be organised into three business units: commercial vehicles, passenger vehicles, and niche imports.

Ford's $14 billion global cost-saving plans includes exiting the minivan segment, stopping manufacturing of automatic transmissions in Bordeaux in August, reconsidering its operations in Russian Federation, and combining the headquarters of Ford U.K. and Ford Credit to a site in Dunton, Essex.

Related News:



Most liked

Citizen Scientists Discover Potentially Habitable Planet
TESS is now looking at the sky in the Southern Hemisphere and once compete will spin around to take in the Northern Hemisphere. Moreover, the planet known as K2-288Bb could either be rocky or a gas-rich planet similar to Neptune in our own solar system.

Neymar's father denies reported contact with Barcelona
The club paid that last season and will be due to pay the same amount this season - but only if Coutinho is still at the club. Finally, Barcelona would owe another £4.4 million if they win the Champions League this season.

Pacquiao not looking beyond Broner title bout, Sport News & Top Stories
Manny Pacquiao's fame in the ring is perhaps only matched outside of it by his humility and good nature. There were some things that went on that showed he wasn't as focused as he is for a fight like this.

Injury concerns for Irish star as Munster thrash Gloucester
The centre played all 80 minutes in the Guinness Pro14 defeat of Connacht on his comeback from injury last weekend. Gloucester welcome back a number of players from injury as Danny Ciprani and Ollie Thorley return among the backs.

Macedonia Lawmakers Set Again To Debate Name Change Amid Uncertainty
Prime Minister Zoran Zaev said the move would "open the doors to the future, Macedonia's European future". For the deal to come into effect, Greece's parliament must now convene in coming weeks to ratify it.

India to rest paceman Bumrah for ODI series in Australia
He also picked up seven wickets against New Zealand A, including a 4-wicket haul in the last match. Kaul has ten wickets in his last two first-class games against Kerala and Hyderabad .

MacKenzie Bezos Could Become World's Richest Woman Following Divorce From Jeff Bezos
Jeff Bezos is said to be now dating ex-News Anchor Lauren Sanchez who's also getting divorced. Jeff Bezos is denying reports that he carried out an affair with Lauren Sanchez .

Gary Kubiak surprisingly won't become the Broncos' next offensive coordinator
The Broncos replaced Kubiak with Vance Joseph but fired him after the coach went 11-21 during his first two years in Denver. Kubiak, 57, remains under contract with the Broncos, so his immediate future in the National Football League is unclear.

South Africa win toss, elect to bat against Pakistan in third Test
Ashraf ended with 3-57, while there were two wickets apiece for Abbas (2-44), Mohammad Amir (2-36) and Hasan Ali (2-75). Then followed a steady processions of wickets before Pakistan came out to bat with 30 minutes left in the day.

Syrian state media: Anti-aircraft fires on 'enemy targets' near Damascus
It is not yet clear whether the S-300s were among the air defense systems used in the Friday night counterattacks. An AFP correspondent in Damascus heard several loud explosions.

Nick Jonas shares a love-soaked photo with wife Priyanka Chopra
The couple hosted a wedding reception in Mumbai on December 20 which had the who's who of the Hindi film industry in attendance. The couple joined Nick's family, including brothers Frankie and Joe, and Joe's fiancée Sophie Turner for a trip to Switzerland.

Amazon Is Launching A Game-Streaming Service, Report Says
Unsurprisingly, Amazon wants to get in on the game streaming business early, which is seen by many as the future of the video games industry.

Return of 'encyclopedia' Ferguson massive for United: Pochettino
United are six points adrift of the top four as they chase Champions League qualification for next season. We just keep working every single day on improving the team here". "I've only met him once myself".

Rudy Giuliani: Donald Trump won't answer any follow-up questions for Mueller probe
Former New York City Mayor Rudy Giuliani campaigns for Republican Senate hopeful Mike Braun in Franklin Township, Indiana, on November 3, 2018.

3 dead, multiple injuries following bus crash in Ottawa
The body in charge of public transit in Canada's Capital says buses are being detoured as a result of the incident. Officials say a total of 25 patients were taken to hospital, 14 in critical condition and 11 in serious condition.