March 15 (UPI) -- Ford Motor Co. announced on Friday it will cut 5,000 manufacturing jobs in Germany and more in Great Britain, as part of an international cost-cutting effort.
The automaker said it's offered voluntary separation packages for employees as part of an $11 billion restructuring strategy for its struggling European operations.
Ford did not specify the number of job cuts in Britain.
Ford's European operations seek to reduce its vehicle lineup to three categories -- commercial vehicles, passenger vehicles and imports. It also plans to simplify its product lines and concentrate on the most profitable vehicles.
Ford has money-losing operations in China and Latin America and CEO Steve Hackett has pledged to make those sectors profitable. Despite a decline in worldwide profits and a 40 percent fall in stock price, Ford has rewarded Hackett with an improved salary package of $17.8 million in 2018, up from $16.7 million in 2017.
