U.S. Ford to Cut 35,000 Jobs, Shut Five Plants

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Last updated at: (Beijing Time) Saturday, January 12, 2002

U.S. Ford to Cut 35,000 Jobs, Shut Five Plants

Ford Motor Co., the world's second largest automaker, plans to cut 35,000 jobs worldwide and close five plants and drop four vehicles in a massive restructuring, the company announced on Friday.

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Ford Motor Co., the world's second largest automaker, plans to cut 35,000 jobs worldwide and close five plants and drop four vehicles in a massive restructuring, the company announced on Friday.

The job cuts include 22,000 in North America. Ford Motor Co. would close assembling plant in Madison, New Jersey, the Ontario truck plant, the St. Louis assembly plant, Cleveland Aluminum, and Vulcan Forge in Dearborn, Michigan.

Vehicles to be dropped are the Escort, Cougar, Villager and Lincoln Continental.

"We strayed from what got us to the top of the mountain, and it cost us greatly," Ford Motor Co.'s CEO William Clay Ford Jr. said from company headquarters in Michigan. He called the restructuring a "painful, but necessary" effort to return the company to profitability.

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