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May 20, 2019, 9:25 a.m. EDT

Ford to eliminate 7,000 jobs, or 10% of workforce, by end August

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By Ciara Linnane
F SPX

Ford Motor Co. /zigman2/quotes/208911460/composite F +0.50% is planning to eliminate 7,000 salaried jobs around the world by the end of August as part of its Smart Redesign program, according to an email sent to employees that was published by Automotive News. That will cut its workforce by 10% and help it save about $600 million a year, said the email. Notifications will be sent to North American workers on Tuesday, while restructuring work continues in Europe, China, South America and International Markets Group. The moves will reduce the company's management structure by close to 20%, said the email. "We also made significant progress in eliminating bureaucracy, speeding up decision making and driving empowerment as part of this redesign," it said. Ford shares rose 0.8% premarket, but are down 9.2% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.97% has gained 5.4%.

/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 10.10
+0.05 +0.50%
Volume: 32.59M
June 18, 2019 4:02p
P/E Ratio
12.92
Dividend Yield
5.94%
Market Cap
$39.82 billion
Rev. per Employee
$805,719
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/zigman2/quotes/210599714/realtime
US : S&P US
2,917.75
+28.08 +0.97%
Volume: 2.00B
June 18, 2019 4:55p
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