March 16 (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 has offered voluntary separation packages for employees as part of an $11 billion restructuring strategy for its struggling European operations.
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.