In continuation of the company’s global restructuring, Ford Motor Company has announced that plans are being concluded to lay off another 1000 employees of the bank.
The American multinational automaker explained that the decision was in line with the company’s restructuring drive that commenced last year and that 1000 salaried employees of the company in the U.S would be laid in 2020.
As stated, the plan lay off was not in response to outbreak of coronavirus which affected global economy and disrupted businesses, a development that saw companies worldwide downsizing to meet up with new realities.
The Chief Executive Officer of Ford, Jim Hackett, said that the company’s years-long 11-billion-dollar restructuring effort was aimed at achieve a healthy financial position after every business year.
Briefing newsmen on the planned lay off, said that the exercise would add to the 2,300 previously announced salaried job reduction in the United States and not linked to coronavirus disruption that interrupted production for eight weeks during the spring.
In 2019, about 7000 jobs were cut in the first round of the global overhaul as Ford shut down operations in some parts of Europe, where losses had been recorded while struggling to optimize its operations in China.
The company actions were reported to have saved finances to the tune of $600 million a year, with the automaker ending the year with a workforce of 190,000 people worldwide in 2019.
“Instead, it is the latest step in a sweeping reorganization intended to reverse Ford’s lagging financial performance and achieve financial fitness,” Hackett added.