Ford Posts Massive Loss ($284m), to Announce 'Significant' Layoffs (10K)

[Bush_Eats_Beef]

http://www.foxnews.com/story/0,2933,172862,00.html

Ford Posts Massive Loss, to Announce 'Significant' Layoffs
Thursday, October 20, 2005

DEARBORN, Mich. — Ford Motor Co. (F), its profits dragged down by poor performance in North America, will announce "significant" U.S. plant closings and layoffs in January — another heavy blow to the nation's autoworkers. The company reported a third-quarter loss of $284 million on Thursday. Ford and other U.S. automakers have been hurt by competition from Asia, slumping sales of gas-guzzling sport utility vehicles, high health care and materials costs and bloated plant capacity.

Ford Chairman and CEO Bill Ford (search) said he will complete the restructuring plan in December and announce it in January. He said the plan was painful but essential and would affect salaried workers and hourly workers represented by the United Auto Workers.

"This is not a sacrifice we will ask only the UAW and its members to share. There will be sacrifices throughout the company, top to bottom," Bill Ford said in a conference call with investors and media. "Our industry is beginning a dramatic restructuring which is sorely needed. While the challenges are great, so are the opportunities." Ford shares fell 8 cents to $8.39 on the New York Stock Exchange (search). They have traded in a 52-week range of $8.26 to $15.00.

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Ford Chief Financial Officer Don LeClair said the company will reduce its staff by 10,000 people worldwide before the end of the year, including cuts of 2,750 U.S. salaried workers. Those reductions will cost the company $700 million this year. The agreement with Visteon will cost Ford between $575 million and $625 million this year, although the company eventually expects to save millions on parts that Visteon supplies.

[aquart]

1. The Chairman, CEO and CFF make how much?

[Ally McLesbian]

2. If Ford actually engineered their cars right

instead of doing crappy engineering then blaming unions for the resulting inferior product, it would still stand a chance.

Instead, it's making massive contributions to the Republican causes.

Ford is too busy pushing its inferior SUVs instead of focusing on its cars. Ford cars, even the new Fusion, are crap compared to products from even lowly Korean upstarts. Also, car owners get second class treatment at Ford dealers. Even Ford's service ads name SUVs, then trucks, then cars, in that order; that shows the real priority of the company, more and more gas guzzling SUVs.

Don't forget that America's car-dependent lifestyle was engineered in part by Ford, who spearheaded drives to replace commuter rail with freeways in major cities across America (especially here in Los Angeles) to force people to buy more cars. General Motors is equally guilty of this as well.

I'm never buying another Ford - and will get rid of my current one as soon as possible.

[Parche]

3. FORD

If they would quit making those Stupid Utility Vehicles
this world would be a better place.