Ford to Cut Europe Work Force

Before you go, we thought you'd like these...
Before you go close icon

In an effort to cut costs, Ford (NYS: F) will eliminate "hundreds" of jobs from its European business, CNNMoney is reporting this morning. The reductions in salaried positions will be voluntary, according to the report. A Ford spokesperson reportedly told the Business Standard that "several hundred" positions would be cut, but the exact number wouldn't be known for a few months.

Ford lost $404 million in Europe in the second quarter of this year, and expects to lose more than $1 billion in Europe operations throughout the whole fiscal year. Ford CEO Allan Mulally hinted in a CNN interview last week that changes were on the way, also saying that "almost every country (in Europe) is clearly in a recession now and it's getting worse."

The article Ford to Cut Europe Work Force originally appeared on Fool.com.

Fool contributorJohn Divineowns no shares in any of the above companies. You can follow him on Twitter@divinebizkidand on Motley Fool CAPS@TMFDivine.The Motley Fool owns shares of Ford Motor.Motley Fool newsletter serviceshave recommended buying shares of Ford Motor.Motley Fool newsletter serviceshave recommended creating a synthetic long position in Ford Motor. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners