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Ford will close several plants in Europe

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Ford will close several plants in Europe

Ford will close several plants in Europe
January 10
13:00 2019

Ford Motor Company is going to cut thousands of employees in Europe because of the reorganization of production in the region. The company wants to reduce costs with the help of the program of voluntary dismissal.
Ford Europe CEO Steve Armstrong did not specify the exact number of employees who should leave the company. However, it is known that the region employs more than 50 thousand people. According to some calculations, from 10 to 20% of the European staff will leave the company; so up to 10 thousand employees can lose their jobs.

In addition to the staff reducing, Ford will also cease to produce minivans and transmissions in Bordeaux. It will also decide on the reorganization in the Russian Federation and combine the British branch with Ford Credit.
Separately, Armstrong noted that the management was even ready to close the factories.

Such rigorous measures are aimed at achieving a profitability level of 6%. For example, in the III quarter of the past year, Ford suffered losses of $ 245 million.
On Thursday, the securities of Ford rose by almost 1%. This is a positive moment, as the company went down in value by $ 33 billion over the past year.

The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

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