Ford to Shut Three Plants While Losing $3 Billion in Europe
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Ford Motor Co. will shut three European plants, its first factory closings in the region in a decade, and cut 5,700 jobs to stem losses that the carmaker predicts will total more than $3 billion over two years.
The shutdown of two U.K. factories and a plant in Belgium will remove production capacity for 355,000 vehicles, or 18 percent of the carmaker’s total in the region, Dearborn, Michigan-based Ford said in a statement today. The moves will yield gross annual savings of $450 million to $500 million annually, it said. Ford rose after saying its third-quarter earnings will be better than the second.