Ford Says 38,000 Accepted Buyout Offers

[Herman Munster]

http://biz.yahoo.com/ap/061129/ford_buyouts.html?.v=27

DETROIT (AP) -- Ford's hourly work force is shrinking to half its current size, following the announcement Wednesday that 38,000 hourly workers have agreed to accept early retirement or buyout packages this year.

That still might not be enough to revive the nation's second-largest automaker, however, which is contracting in the face of multibillion-dollar losses and fierce competition. Now, say analysts, Ford Motor Co. needs to rekindle interest in its cars and reclaim some market share lost to Asian rivals.

"They've got to learn how to build a product that is acceptable in the market at a good price," Turnaround specialist Jim McTevia, of McTevia & Associates in Bingham Farms, said. "They've got to build it economically and they've got to sell it economically."

Ford had expected 25,000 to 30,000 workers to sign up during an open enrollment period that expired Monday. The new reduction figure would amount to nearly 46 percent of the 83,000 unionized employees that Ford had at the start of the year. That will eventually save Ford about $5 billion a year, but it still has a long way to go and more painful measures to take before it's financially sound.

[Deja Q]

1. If the execs care, they can shave away at their own salaries too.

They make the decisions, which is why they deserve the big bucks.

Or that's what people used to be told.

[southerncrone]

2. This is only the hourly employees

My husband will retire in 3 weeks from Ford. He is a salaried engineer. What is not being discussed is the number of salaried skilled employees who have lost their jobs in the last 5-6 yrs. who got little or nothing. Many of them within l-2 years or less until retirement.
We are worried that he won't be able to draw retirement for long because of changes in retirement protection laws that protect business & s**t on retirees.
I think our government set a precedent w/Chrysler in the 80's when they bailed them out. I say it is
Ford's turn. They do build good cars....test driver a Fusion or 500.