Worldwide Ford restructure misses Oz ... phew - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
Ford Forum Ford Forum

» Auto Insurance
» Featured Product
ยป Wheel & Tire Center

Go Back   Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > The Pub
Register Home Forum Active Topics Photo Gallery Auto Loans Garage Mark Forums Read Auto Escrow

The Pub For General Discussion

FordForums.com is the premier Ford Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
Old 01-11-2002, 17:03   #1 (permalink)
Territory - 2004 COTY
 
Organza's Avatar
 
Join Date: Aug 2001
Location: Sydney
Posts: 227
Worldwide Ford restructure misses Oz ... phew

(From ABC News Headlines - www.abc.net.au/news)


Restructuring to have no impact on Australia's Ford operations

Five thousand workers at the Ford Motor Company in Australia will not be affected by a major worldwide restructuring of the manufacturing giant.

The company has announced plans to slash 35,000 jobs worldwide, after suffering losses of almost $3 billion in the six months to September last year.

Five plants are to be closed in North America, with four vehicle models taken off production.

But a spokeswoman for Ford's Australian operations, Sinead McAlary, says local production will not be affected.

"It will have no direct impact at all," Ms McAlary said.

"The restructure in America is mainly to get the North American operations back on track.

"Ford in Australia we've had our plan for what we're going to be doing to move forward into the next couple of years and we're sticking with that so we're quite happy where we're going at the moment."


Restructure savings

Ford says the restructure will save it about $18 billion by the middle of this decade.

As well as the job losses, the auto giant is cutting its dividend for the second time in a year and CEO William Clay Ford, who took over the company just 10 weeks ago, says he will not be taking a bonus.

"It will be difficult and in some cases painful to turn things around but we will turn this company around," he said.

Additionally, the world's number two automaker will sell off assets valued at one billion this year, and cut material costs by $3 billion by the middle of the decade.

Mr Ford said all told, the savings outlined in the long-awaited restructuring plan should deliver savings of $9 billion by around 2005.

"What we are outlining today is a comprehensive plan that builds for the future," Mr Ford said.

He added "these are painful but necessary steps to make us competitive going forward".

The chairman and chief executive acknowledged that the firm had lost its way because it underestimated the competition and the extent of the economic downturn, and lost sight of the basics of the business.

"We strayed from what got us to the top of the mountain and it cost us greatly," Mr Ford said who has waived his pay, bonuses, and all income except options until the automaker turns a profit.

Battered by the Firestone tyre crisis, slipping market share in North America, and difficult economic conditions globally, Ford is expected to post its first full year loss since 1992 when it reports fourth quarter results next week.

The automaker will take a $4.1 billion charge after taxes in the fourth quarter to cover the cost of the restructuring, taking estimated total losses for the year 2001 to 5.4 billion net.

The one-off hit to earnings will cover the cost of the layoffs, 22,000 of which will come from its North American operations.
Organza is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 01-11-2002, 17:12   #2 (permalink)
GTHO4
Guest
 
Posts: n/a
If the AV doesn't go well then they may face the chopping block.
  Reply With Quote
Old 01-11-2002, 17:43   #3 (permalink)
Experienced Ford Member
 
Join Date: Sep 2001
Location: melbourne
Age: 33
Posts: 540
Ford slashes 35,000 jobs

AP - Calling its restructuring "painful but necessary", Ford Motor Co's CEO said the carmaker would shed 35,000 jobs worldwide, closing five plants and eliminating four vehicles.

Vehicles to be dropped are the Escort, Cougar, Villager and Lincoln Continental
WINGED is offline   Reply With Quote
Old 01-11-2002, 18:39   #4 (permalink)
Registered User
 
Rastus's Avatar
 
Join Date: May 2001
Location: Ballarat, Victoria
Age: 42
Posts: 1,395
The end of the road for the Escort! That's a shame. Isn't this the car that still holds the most rally wins?

...On the local front, I suppose it's good being a small outfit sometimes and cheap to run in comparitive terms to OS units.
Russell.
Rastus is offline   Reply With Quote
Old 01-11-2002, 19:05   #5 (permalink)
Registered User
 
Fireman Sam's Avatar
 
Join Date: Dec 2001
Posts: 458
The British Escort (the real one, that won so many rallies) was phased out long ago (when the Focus was introduced) the American Escort is a Escort by name only.
Fireman Sam is offline   Reply With Quote
Old 01-11-2002, 20:26   #6 (permalink)
goooone
 
Mr Jucy's Avatar
 
Join Date: Sep 2001
Location: beyond caring
Age: 36
Posts: 2,708
I read in the paper today that Jac Nasser is back living in Australia & has been seen driving roaround Melbourne in a XK8 I wonder weather we will see him on the boards now because I doubt many people would know more about the blue oval then him
Mr Jucy is offline   Reply With Quote
Old 01-12-2002, 03:25   #7 (permalink)
Registered User
 
Rastus's Avatar
 
Join Date: May 2001
Location: Ballarat, Victoria
Age: 42
Posts: 1,395
Quote:
Originally posted by EL XR6
The British Escort (the real one, that won so many rallies) was phased out long ago (when the Focus was introduced) the American Escort is a Escort by name only.
I'm glad to hear it, thanks for clearing that up for me ELXR6.
Russell.
Rastus is offline   Reply With Quote
Old 01-12-2002, 14:02   #8 (permalink)
Rail Rider
 
Join Date: Jun 2001
Location: Cowra, NSW
Posts: 1,248
And they were bagging Jac for firing people...
__________________
AlbertM is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > The Pub



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ford family celebrates 100 years of cars Stacy94PGT Ford Worldwide News 0 06-10-2003 05:46
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-2003 04:52
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-2003 05:58
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-2003 07:17
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-2002 06:48

Powered by vBadvanced CMPS v3.2.2

All times are GMT -7. The time now is 20:07.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.