UPDATED: Ford closing 3 European plants, cutting 6,000 jobs - Bottom Line

Ford closing 3 European plants, cutting 6,000 jobs - Bottom Line

( Previous release was 4,500 )

Its European losses likely to be significantly worse than originally forecast, Ford will close or sharply cut back operations at three of its European plants as part of a major restructuring meant to cope with the continent’s economic woes and the collapse of the European automotive market.
Ford now expects to lose $1.5 billion in Europe this year, a 50% increase over the already gloomy forecast it made just three months ago.  With sales falling even faster than the overall market, Ford says it will cut capacity in Europe by 18%.
That will include the closure of a truck assembly plant in Southampton, England and a tooling and stamping facility in Dagenham. The maker earlier this week advised union leaders that it would close an assembly plant in Genk, Belgium.