Ford Reportedly Mulling Plant Closings, More Job Cuts
Tuesday, November 13, 2001
foxnews.com
DETROIT — Ford Motor Co. is considering another round of massive job cuts, and possible plant closings, as part of a restructuring plan to pull the world's second-largest automaker back to profitability, according to a source close to the company's new management team.
Ford has played its cards close to the vest in the high stakes turnaround game, with executives saying only that "everything is on the table." Details of the restructuring plan, which was first announced in August, will not be made public until January, company officials say.
But industry analysts, who dispute whether plant closings are possible, say the odds are that the team led by William Clay Ford Jr. will adopt as dramatic a plan as possible to reverse the recent turn of fortune at the company his great-grandfather founded in 1903.
While coaxing the corporate giant back to health, the plan could also breathe new life into Ford's shares, which have been outperformed by those of larger rival General Motors Corp. by about 24 percent since the start of the year. |
