Ford Confirms 1400 Job Cuts In North America, Asia
20 Mai, 2017, 06:05 | Author: Claudine Rigal
Ford Motor said Wednesday it would cut its salaried workforce in North America and Asia by almost 10% as it seeks to boost profitability amid a falling stock price. It expects the actions to be complete by the end of September.
"Reducing costs and becoming as lean and efficient as possible also remain part of that work", it said in a statement.
A source confirmed to AFP that massive job cuts are planned at Ford in the coming days, affecting as many as 20,000 salaried workers.
The company says it will release more details to employees in June.
Investors are concerned that USA sales are peaking and Ford's market share is slipping.
Ford won praise from Trump when it announced in early January that it was scrapping plans for a plant in Mexico and would invest $700 million in a MI plant to build electric and self-driving cars.
Product Development and Ford Credit, which already are improving total operating efficiencies in other ways.
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In this Tuesday, May 16, 2017, photo, the logo for the Ford Motor Company appears above a post on the floor of the New York Stock Exchange.
According to the publication, Ford could announce the layoffs as soon as this week and the job cuts will likely target mainly salaried workers.
Ford Motor Co. has said that it wants to reduce costs by $7 billion in 2017 in order to increase profitability next year as US auto sales are expected to stagnate.
General Motors and Fiat Chrysler have cut hourly jobs since the end of past year, as the first decline in US auto sales since 2009 has resulted in excess inventories of new cars on dealer lots. As of mid-morning, Ford shares were off by more than 1 percent, to around $10.83, continuing a almost two-week slide.
Share prices at the beginning of the week closed at US$10.94, barely above Ford's 52 week low of $US10.90 per share, and well below its 52 week peak of US$14.04.
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 almost three-year slid in the stock price.
"Fields was extremely candid about the market challenges including slowing US sales, pricing pressure and rising commodities", UBS said in a research note Monday.
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From its founding, de la Torre envisioned the company growing beyond MA , but his plans didn't materialize until recently. A Steward spokesman said the company wouldn't offer additional details until the deal is officially finalized.
Investors will be keeping a close eye on the stock during this session to see if the upward trend will remain throughout the day. The Average Volume of the company is 1.99 Million and P/E (price to earnings) ratio is 163.64, while Forward P/E ratio is 40.35.
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