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U.S. markets recover from steep losses
DETROIT, June 14 (UPI) -- Ford Motor Co. says a gathering of its plant managers and top union officials was told more employee buyouts are on the way for struggling U.S. automaker.
A group of 300 company plant managers and worker leaders gathered in Detroit Friday for an update on economic conditions as sales for Ford's pickups and sports utility vehicles continued to plunge. They were told a buyout program announced earlier by Ford Chief Executive Officer Alan Mullaly would proceed, The Detroit Free Press reported Saturday.
"We did say that we would offer targeted buyouts," the newspaper quoted Ford spokeswoman Angie Kozleski as saying. "We don't have specific details or timing."
The meeting was led by Joe Hinrichs, global vice president of manufacturing for Ford, and UAW Vice President Bob King, who made presentations on productivity and the financial condition of the company. The Free Press said Ford is preparing to cut its North American workforce by 24,300 and end such benefits as tuition and scholarship programs.
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