Ford said today that it would cut 35,000 jobs worldwide - 22,000 of them in North America - and close three assembly plants in North America.
Chief operating officer Nick Scheele said the world's second largest car maker would close assembly plants in New Jersey, Missouri and Ontario in Canada.
Scheele also said Ford would close two parts plants in Ohio and Michigan. In addition, 11 plants will undergo major restructuring, including shift cuts, with production cuts at nine additional plants.
The cuts come as part of an overhaul of the company aimed at improving profits by $9 billion by the middle of the decade. Ford said it would take an after-tax charge of about $4.1 billion in the fourth quarter of 2001 in the restructuring drive.
It said it would cut North American production capacity by 16%, to 4.8 million vehicles from 5.7 million vehicles, and cut four vehicles - the Ford Escort, the Mercury Cougar, the Mercury Villager and the Lincoln Continental - from its lineup.
