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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56486)	11/28/2001 10:43:42 PM
From: StanX Long	Read Replies (2) \| Respond to of 70976

Ford set to axe thousands of US jobs By Tim Burt in London Published: November 28 2001 20:14 \| Last Updated: November 28 2001 21:32 news.ft.com Ford Motor Company is finalising a sweeping overhaul of its North American operations, likely to involve the closure or mothballing of plants and several thousand job losses. The main planks of the restructuring - to be presented to Ford's board and senior management in mid-December - have been agreed following the removal last month of Jac Nasser as chief executive. Mr Nasser was ousted by Bill Ford, group chairman and great grandson of Henry Ford, in a boardroom coup amid mounting losses at the world's second largest carmaker. One Ford board member, who declined to be named, said the board "would see in lurid detail what it actually means to be in a downturn in the auto industry. When it declines you go off a cliff". Ford lost $1.53bn on its North American automotive operations in the first nine months of this year, compared with a $4.28bn profit in the same period of 2000. Under the reorganisation, Ford will address four broad areas: overhead costs, manufacturing capacity, product development and quality. Jim Padilla, Ford's head of North American operations, will deliver