Ford increases cuts, closings to revamp plan
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DETROIT -- Ford took drastic steps yesterday to remold itself into a smaller, more competitive company, slashing thousands of jobs and shuttering two additional plants to cut costs and fend off a financial crisis.
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Bank of America Corp.  on Thursday said it would increase the number of jobs it will cut by 36 percent to 17,000 after its acquisition of FleetBoston Financial as it simplifies operations.
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Shares of Ford Motor Co. F.N rose  nearly 3 percent before the bell on Friday after the automaker  raised its profit forecast and set plans to cut 1,150 jobs at  its main Jaguar plant in Britain.
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US car giant Ford says its restructuring programme aimed at revitalising the company is set to cost it $11bn.
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Ford Motor Co  is set to announce up to 13,000 new job cuts after agreeing with the United Auto Workers union on terms of the redundancies, The Wall Street Journal reported on Thursday.
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Ford Motor Co. (FN: Quote, Profile, Research) reported a stronger-than-expected quarterly profit on Tuesday, but losses widened in its core automotive business
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Ford Motor Co.  cut its dividend  in half on Thursday as well as the fees paid to board members  as the U.S. automaker struggles with its turnaround plan.
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Ford Motor Co.  heads into a round of contract talks with its major union as the automaker seeks sweeping changes worth billions of dollars that would transform it into a strong contender, according to people familiar with the upcoming negotiations.
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Ford Motor Co. F.N plans to increase  its advertising spending by about 15 percent this year to  promote its flagship Ford-brand vehicles, including the new  mid-size Fusion sedan that will be in dealerships in the fall.
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Strong results in its financial services sector and improved cost controls are allowing Ford Motor Co. to raise its third-quarter earnings expectation by 10 cents per share, it said Friday.
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Ford Motor Credit Co., the finance subsidiary of Ford Motor Co. , said on Friday a previously announced restructuring plan would result in charges of $290 million, including $200 million to fund job cuts.
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Ford Motor Co.  on Friday said it  would cut its annual costs by about $5 billion by the end of  2008 and reduce its salaried staff by about a third as part of  an accelerated restructuring.
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Ford Motor Co. F.N on Friday said it   will slash $5 billion in costs and cut nearly 45,000 jobs,   about one-third of its work force, in a sweeping restructuring,   and warned that its North American unit won't make a profit for   another three years.
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Ford Motor Co.F.N will offer three   buyout programs to U.S. salaried workers in an effort to cut   10,000 white-collar jobs by end of first quarter 2007, a   spokeswoman said on Wednesday.
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Ford Motor Co.  on Wednesday said about 38,000 of its union workers have accepted its buyout offers, part of a broad restructuring effort at the second-largest U.S. automaker.
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Ford Motor Co. F.N will offer buyout   packages of up to $140,000 to all of the more than 75,000   workers at its U.S. plants, the United Auto Workers union said   on Thursday, a day before the automaker details a revised   turnaround plan in response to slumping sales.
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Ford Motor Co.  said on Monday it  plans to obtain financing totaling about $18 billion to address  near-and medium-term negative operating-related cash flow, to  fund its restructuring, and to provide added liquidity.