Stacy94PGT

UAW awaiting results of Ford buyout, doubts voiced

Reuters

DETROIT -- The United Auto Workers union said today it is waiting to hear results of Ford Motor Co.'s buyout program, but some union leaders quietly voiced doubts the automaker would meet its goals.

The buyout program, which closed at midnight on Monday, Nov. 27, is part of a large restructuring in which Ford is trying to shed up to 45,000 workers as it closes 16 plants through 2012.

The second-largest U.S. automaker, which has lost about $7 billion in the first nine months of this year, has offered buyouts to all its 75,000 unionized workers in the United States.

But some union leaders, who asked to remain anonymous, said they expected Ford to attract only about 15,000 takers with its buyout.

The automaker did not return calls seeking comment, but is expected to announce the results this week.

In an interview earlier this month, Ford's new CEO, Alan Mulally, told the Detroit Free Press the automaker was "a little bit ahead" of schedule as it sought to trim its North American salaried work force by 25,000 people this year through buyouts. He also said reducing capacity to meet lower demand was his No. 1 priority.

Ford has said its turnaround will cut $5 billion from annual operating costs by 2008.

The company, which has lost U.S. market share for more than 10 years, said on Monday, Nov. 27, that it plans to borrow $18 billion to finance its restructuring efforts.

Ford also said it does not expect to earn a profit from its North American auto business until at least 2009.

About 34,000 workers have accepted buyout offers this year from Ford's larger rival, General Motors, which is also in the midst of a restructuring.

__________________
Stacy94PGT
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....