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Fri Oct 12, 2018, 05:37 AM

Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs, Report Says

Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.

Jim Hackett, Fordís CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do ďmore damageĒ if the disputes arenít resolved quickly.

Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasnít said how many jobs will be lost, a report from Morgan Stanley estimates ďa global headcount reduction of approximately 12 percent,Ē or 24,000 of Fordís 202,000 workers worldwide.Ē

While reports have indicated that the job cuts are likely to come early next year, The Kansas City Star reported Tuesday that Ford has temporarily halted production of transit vans in Claycomo, Mo. The move is intended to prevent a build-up in Fordís inventories of the vans, but it will leave 2,000 workers idle between Oct. 22 and Nov. 4.

Despite news of the layoffs, Fordís stock closed down 3.4% Tuesday.


http://fortune.com/2018/10/09/ford-stock-today-layoffs-trump-trade-tariffs/


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Reply Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs, Report Says (Original post)
douglas9 Oct 12 OP
at140 Oct 12 #1
marble falls Oct 12 #2
dalton99a Oct 12 #3
Haggis for Breakfast Oct 12 #4

Response to douglas9 (Original post)

Fri Oct 12, 2018, 05:49 AM

1. Should be no problem according to Drumpf?

he is constantly bragging about the record low unemployment among blacks, Hispanics, and all the other BS. So those laid off Ford workers should have no trouble finding new jobs?

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Response to douglas9 (Original post)

Fri Oct 12, 2018, 06:16 AM

2. So much winning!

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Response to douglas9 (Original post)

Fri Oct 12, 2018, 09:15 AM

3. They should apply for coal jobs in W. Va.

A good life awaits

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Response to douglas9 (Original post)

Fri Oct 12, 2018, 11:14 PM

4. Thanks Spanky.

We intend to put you out of a job soon too.

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