Kentucky jobs safe from Ford cuts

Joan Terry
May 18, 2017

The report said the estimated 20,000 layoffs will mostly affect salaried employees, a majority of whom work in North America, as the No. 2 US automaker works to increase its profits and stock prices.

Company will be communicating to employees in early June the full details of its separation programme.

Those workers will come from Ford's corporate staff in its North America and Asia Pacific regions (including China), including finance, human resources, legal, communications, government affairs, marketing, sales, and service departments.

Ford has been under pressure in recent days from its investors and board of directors to improve its financial performance and boost its stock price.

The buyout offers were a fraction of the 20,000 job cuts that some news outlets had reported Ford could announce this week. He laid off 1,400 of the company's salaried workers in Asia and North America.

There was no immediate comment from President Donald Trump, who has needled Ford about taking jobs to Mexico but celebrated the company's US investments.

Certain areas of the business won't be targeted, including Ford's product development and credit divisions. The company has been focused on growing its technology segments as it shifts attention to self-driving cars and so-called mobility areas such as ride-sharing.

Ford's stock price has fallen almost 40 percent over the last three years as investors worry that sales in the US, its biggest market, are peaking. Ford Executive Chairman Bill Ford told investors at the company's annual meeting last week that he's frustrated by that decline.

Ford shares fell 6 cents to $10.88 in premarket trading after the company announced the reductions.

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John Rosevear owns shares of Ford.

"But at the same time, there's not much they can do right now", Whiston said. "Now it's coming back, little by little".

Ford continues to churn out strong profits, reporting a record $10.4 billion in pretax earnings in 2016, and expects to earn around $9 billion this year. Ford is renovating its footprint to attract technology talent and compete with companies like Google, Apple and Uber. If the story is a good one - and it should be - then Ford's stock might finally lift out of its doldrums.

It said factory jobs would be unaffected. "She got by with just the traditional".

Automakers are being challenged by slowing sales in the United States after seven years of steady growth.

In an email to employees, Ford said it wants to strengthen its core business and invest aggressively in new opportunities.

She says it's payoff for sticking with the city through all the economic misfires downtown.

U.S. Rep. Debbie Dingell, the Dearborn Democrat, pledged in a statement Wednesday to create policies that foster business growth. Last month, General Motors Co. As I said yesterday, this is about jobs. It has no rivals in the category of auto manufacturers with out of favor stocks. "They're not cutting into muscle, but instead implementing lean processes and trimming where it's needed most".

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