Ford to cut jobs to lift profit margins
Print Edition
Ford Motor Co is looking to cut hundreds of managerial jobs in Europe and phase out less profitable models as it seeks to improve slender profit margins there.
The company said in a statement yesterday that it was offering a 鈥渧oluntary separation program鈥 aimed at cutting administrative expenses and to save an additional US$200 million annually.
The job cutbacks will hit Ford鈥檚 roughly 10,000 managers, mostly in Germany and Britain. Ford says the numbers depend on how many people accept separation offers, but that several hundred are expected to.
Ford said it will also introduce new vehicles to Europe this year such as the Edge SUV and the Focus RS, a higher performance version of the familiar compact. Small SUVs are selling well in Europe, while Ford is hoping that performance models 鈥 cars with more powerful engines and racy styling 鈥 will bring higher prices.
Ford's European unit, based in Cologne, returned to profit in 2015, making US$259 million pre-tax.
Ford said it鈥檚 making the changes to raise profit margins from 0.8 percent last year.
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