Ford Motor Co. said Friday that it plans to cut 10,000 more salaried jobs, offer buyouts to all hourly workers and shut down two more plants as part of a dramatic restructuring plan designed to rein in expenses and restore the struggling automaker to profitability.
The company said in a news release that it would shutter a stamping plant in Maumee, Ohio, in 2008 and an engine plant in Essex, Ontario, in 2007. In addition, an assembly plant in Norfolk, Va., will close in 2007, a year earlier than previously announced.
Ford said it would complete its cuts of 25,000 to 30,000 hourly jobs by the end of the 2008, four years ahead of its previous target. Ford also said it already had cut 4,000 salaried positions in the first quarter of this year.