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CHICAGO, Sept 14: Struggling Ford Motor Co. will announce details of its updated restructuring plan on Friday, the automaker said on Thursday. Ford lost $1.4 billion in the first half of this year as US sales fell 10 per cent, prompting many on Wall Street to say the automaker’s plan to shutter 14 plants in North American and eliminate 30,000 union jobs by 2012 is too slow.
Analysts expect Ford to accelerate the closures to occur by 2008. Union officials met in
Detroit this week to discuss the plan and a deal is expected on a broader buyout package. More layoffs are also expected among salaried employees.
—AFP
