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Wednesday, 26 September 2012 05:57

Ford to lay off workers in Europe

Ford announced on Tuesday, September 25th that they are planning to cut serveral hundred jobs from their operations in Germany, the U.K. and the rest of Europe. The problem stems from faltering profits. The company lost $404 million in the second quarter and expects to lose $1 billion there this year. The company is offering buyouts to salaried workers and is also cutting temporary salaried positions and even some outsourced services. A sales drop of about seven percent is likely the result of the region's economic crisis. The move is part of a larger restructuring of the money-losing region.