Ford will release 5,000 employees in Germany

Ford will release 5,000 employees in Germany

March 16, 2019 0 By autotimesnews

The American automaker Ford Motor Co plans to reduce the staff of its German unit to 5 thousand people, writes The Wall Street Journal with reference to the statement of the company’s representative.

In addition to Germany, the company plans to cut its staff in the UK. According to Ford, these measures will be taken within the framework of efforts to significantly reduce structural costs in Europe.

Exemptions will affect, in particular, temporary staff and will be subject to voluntary dismissal.

In January, it was reported that Ford plans to cut thousands of jobs in its European division as part of a business reorganization in the region, with its staff of approximately 54,000 people, mainly in Germany, the United Kingdom and Spain.

The goal of the company is to reach the operating profitability of 6% in Europe. Meanwhile, in the third quarter of 2018, Ford received a loss of $ 245 million in the region.

Ford shares declined by 0.1% during the trading sessions on Friday. Since the beginning of the year, the capitalization of the company has increased by almost 10%, to $ 33.46 billion.