That's only half of what's happening.
In a very brief summary for the moment:
Low-margin models to be discontinued by 2002 (not many surprises):
Ontario Truck Plant,
St. Louis Assembly,
Cleveland Aluminium Casting,
Further downsizing and shift reductions for further 11 plants.
50% dividend reduction,
7% pay reduction to contract labour firms,
Elimination of bonuses and raises for senior managers,
Sharing of health care costs between employee/employer,
Non core assets will be sold.
All this activity does not mean that Ford are not committed to product development with an investment of US $20 billion allocated for the next five years in product development.
No information was given regarding Ford Australia and its role in the restructure...fingers crossed for the long-term future of Ford Australia.