Ford Reaches Buyout Deal With UAW

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Ford has reached an agreement with the United Auto Workers to offer buyout packages to more than 75,000 hourly workers.

Chris Kimmons, president of UAW Local 919 in Norfolk, Virginia, says the union announced the deal in a message to members today.

Ford is scheduled to announce a revised restructuring plan tomorrow morning.

The company says it will issue a news release at 7 a.m. and give presentations to employees and the media starting at 9 a.m.

Ford's board of directors has been meeting for the past two days to discuss the restructuring, which is expected to include more plant closings.

Ford said in July that it would speed up its restructuring. The turnaround plan launched in January called for cutting up to 30,000 jobs and closing 14 facilities by 2012.