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Ford to Slash Jobs, Close Plants

Job cuts and plant closings are in the cards for Ford Motor Company, which announced a major restructuring plan Monday. The automaker is attempting to regain its footing in a highly competitive U.S. auto market.

The nation's number two automaker remains profitable overall, but has lost American market share to competitors from abroad for the past decade. The anticipated announcement of 25,000 to 30,000 job cuts by 2012 is part of a program the company describes as "The Way Forward." As many as 14 plants will be closed.

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