Ford to cut 10pc of global workforce, report says


Ford has 200,000 employees globally, half of which work in North America.

The news agency reports that by October 1, Ford will lay off only salaried workers offering them generous early retirement incentives.

Ford (F) plans to reduce the size of its global workforce by about 10 percent in a bid to cut expenses and mitigate the impact that falling auto sales are having on the company's profitability, according to the Wall Street Journal. Ford said last August that it planned to hire more than 100 engineers, researchers and others in Palo Alto.

The company details about the voluntary packages and how the program will work will be communicated with employees next month, with the job cuts will be completed by the end of September.

Ford has been under pressure in recent days from both its investors and its board of directors to improve its financial performance and find a way to boost its stock price. Ford's share price has fallen almost 40 percent over the past three years.

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About two-thirds of the buyout offers are in North America and the rest in Asia.

The voluntary incentives offers will go to about 9,600 of 30,000 US salaried workers, the company said.

Blessed with the best-selling vehicle in the US, the enormously profitable F-series pickup truck, which would be a Fortune 500 company on its own, Ford remains endowed with strong financials.

The company is also spending heavily on technology with an uncertain future, like self-driving vehicles.

In January, Ford also added 700 MI jobs, following criticism from Trump over plans to increase production in Mexico.

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The remaining cuts will focus on Ford's Asian operations.

Ford announced a plan to cut costs by $3 billion in early-May, which would reportedly boost its profits even if USA auto sales continue to decline.

Announcing employee layoffs that are projected to include up to 10 percent of the company's total workforce, the beleaguered automaker is seeking to turn its ailing stock prices and company value around.

Profits for the Detroit-based automaker fell 35% during the first quarter to $1.6 billion, the first such decline in seven years.

The company projects a $9 billion pre-tax profit in 2017, compared to $10.4 billion in 2016.

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