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3/15, 4:28 PM (Source: TeleTrader)
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Ford to lay off 5,000 staff in Germany

Ford Motor Company said on Friday it is cutting its workforce in Germany by 5,000, slashing the total number of staff in the European country by more than a quarter, media reported. Additionally, Ford is planning some job cuts in the United Kingdom, as part of the its European restructuring project and digitalization plans. The company informed its employees in Cologne, Aachen, and Saarlouis about the cuts in a message.

"This announcement is part of the Ford restructuring announced in January in Europe with the goal of returning to profitable business in Europe as soon as possible," a spokesperson for Ford told German Koelner Stadt-Anzieher. The media outlet also reported that Ford is aiming to save approximately $500 million in order to restore its profitability in Europe.

Ford will reportedly pay severance to the laid off employees who are up to 49 years of age, while workers older than 50 will be retired early. The auto industry giant currently employs approximately 24,000 people in Germany.

Ford shares traded 0.42% below the flat line at 4:35 pm CET.

Breaking the News / SS