Reply #64: Ford to cut up to 30K staff, 26% production in restructuring

[UpInArms]

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38740.4511775926-858157413&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Ford Motor Co. (F) on Monday said it will cut 26% of of its manufacturing capacity in North America and between 25,000 and 30,000 of its plant-related staff in a move to return its automotive business in the region to profitabilty by no later than 2008. The automotive giant will take a pretax charge of $250 million for its staff reductions and $220 million for fixed asset write-offs in 2006. Ford also said it plans to cut material costs by at least $6 billion by 2010.