Ford Motor Company CEO Bill Ford says the automaker will cut at least 25,000 North American jobs by 2012. The moves are part of a restructuring plan that will see 14 plants close, as well.
The nation's number two automaker remains profitable overall, but has lost American market share to competitors from abroad for the past decade. It says it lost $1.6 billion in North America last year. The job cuts are part of a program the company describes as "The Way Forward."
"We will be making painful sacrifices to protect Ford's heritage and secure our future," Ford said in a statement. "Going forward, we will be able to deliver more innovative products, better returns for our
shareholders and stability in the communities where we operate."
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