Ford Announces Layoffs Of 12,000 Workers – This Time In Europe

Last month, Ford revealed that it is laying off 7,000 employees in the U.S. Now it is adding another 12,000 pink slips in Europe.

CNBC reports:

“Ford is cutting 12,000 jobs at its operations across Europe by the end of 2020, the automaker said Thursday, continuing a broad, global restructuring program that already has cost about 2,300 jobs in the U.S.

The latest move comes as Ford prepares to close or sell off six of its 24 European plants, including an engine plant in Wales, a transmission factory in France and three facilities in Russia. It also plans to cut production and drop shifts at assembly plants in Germany and Spain.

Its stock rose more than 2% in morning trading.

The company’s global workforce of 199,000 employees as of Dec. 31, 53,000 of them in Europe, will be notably smaller next year. The European cutbacks were widely expected and follow on other layoffs announced earlier this year. They come as the Detroit-based automaker struggles to reverse years of losses in the U.S. Since Jim Hackett was named CEO two years ago, Ford has launched a number of worldwide cost-savings measures, but company officials say the cuts announced Thursday also reflect a planned shift from conventional, gas and diesel-powered vehicles to electric and other battery-powered cars.”

For the rest of the story, visit CNBC here.

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