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Ford Targets 30,000 Jobs, Will Close Plants

Bill Ford, chairman of the board and CEO of Ford Motor Company, shown Jan. 8, during press days at the North American International Auto Show at Cobo Hall in Detroit.
Jeff Haynes
/
AFP/Getty Images
Bill Ford, chairman of the board and CEO of Ford Motor Company, shown Jan. 8, during press days at the North American International Auto Show at Cobo Hall in Detroit.

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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