Welcome to the North American Subaru Impreza Owners Club Friday October 24, 2014
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Here you can view your subscribed threads, work with private messages and edit your profile and preferences Home Registration is free! Visit the NASIOC Store NASIOC Rules Search Find other members Frequently Asked Questions Calendar Archive NASIOC Upgrade Garage Logout
Go Back   NASIOC > NASIOC General > News & Rumors > Non-Subaru News & Rumors

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads.
Reply
 
Thread Tools Display Modes
Old 11-28-2006, 07:39 AM   #1
NYCshopper
Scooby Guru
 
Member#: 5126
Join Date: Mar 2001
Location: www.nugateway.com
Default Deadline approaches for Ford buyout offers

Deadline approaches for Ford buyout offers

http://www.msnbc.msn.com/id/15924097/

Quote:
DETROIT - Time is running out for 75,000 Ford Motor Co. production workers to make one of the biggest decisions they'll ever have to make: Whether or not to leave the company by taking buyout or early retirement offers.

Ford, faced with lower demand for its products than in previous years, is hoping 25,000 to 30,000 workers will take one of eight packages so it can reduce manufacturing capacity to better match demand.

The deadline was late Monday night. Ford will announce the number of people taking the buyouts later this week.

Ford officials won't say how many workers have signed up for the offers so far, but they say they are pleased with the numbers. President of the Americas Mark Fields has said the company expects fewer than 40 percent of the workers to leave.

Before the latest round of buyouts was announced, Ford had made offers to workers at a limited number of plants, including those scheduled for closure, and about 5,200 workers decided to go, Ford said.

That means Ford needs about 20,000 more workers to take the new round of buyouts and early retirements to reach the low end of its target range.

Workers who sign up for a package can change their minds up until the day the package takes effect, the company said.

Guy Hamilton, building chairman for United Auto Workers Local 1250 at an engine plant in Brook Park, Ohio, near Cleveland, said it's too early to tell how many workers will take the packages.

Some could sign up today so they have the option to leave, but withdraw later, he said.

Local 1250 represents about 3,800 workers at the complex near Cleveland.

Ford lost $7 billion in the first nine months of the year, and on Monday the company announced that it plans to get about $18 billion in financing due to help staunch its cash flow losses and to pay for its restructuring. Ford's share of the domestic market has declined from around 26 percent in the early 1990s to 17.6 percent at the end of October.

The company expects to cut its costs by $5 billion through 2008, with further unspecified reductions in 2009.

Ford has announced plans to close 16 plants as part of its "Way Forward" restructuring plan. Nine of the plants have been identified, but the company has not named the remaining seven.

Under the buyout or early retirement plans, workers can choose between eight packages that offer from $35,000 to $140,000 depending on their years of service, age and how close they are to retirement.

One package offers up to $15,000 per year for four years of college tuition, plus half of the workers' salaries and health benefits for four years. There's also an offer that pays 70 percent of their salaries and tuition, both for two years.

Deutsche Bank analyst Rod Lache, in a note to investors, said he expects a relatively low number of workers to take Ford's offers, in the range of 10,000 to 15,000. That's because only 28,000 of Ford's 75,000 hourly workers are eligible for retirement under the company's offers, he said.

Because it won't get enough workers this round, Ford likely will have to negotiate a new and potentially more costly buyout and early retirement plan as part of the upcoming 2007 labor negotiations, the note said.
* Registered users of the site do not see these ads.
NYCshopper is offline   Reply With Quote
Old 11-29-2006, 09:50 AM   #2
SlideWRX
Scooby Specialist
 
Member#: 3803
Join Date: Jan 2001
Chapter/Region: MWSOC
Location: South Carolina
Vehicle:
07 Mustang GT
285 is a wide tire!

Default

Quote:
DETROIT (AP) — Ford Motor (F) said Wednesday that about 38,000 hourly workers have accepted buyout or early retirement offers.
The figure includes approximately 30,000 buyouts during the open enrollment period that concluded late Monday, plus about 8,000 who took deals offered at limited plants earlier this year.

Faced with lower demand for its products, Ford had hoped that 25,000 to 30,000 workers would take one of eight packages so it could reduce manufacturing capacity to better match demand.

Ford said hourly employees who accepted the buyouts during the recent enrollment period will begin to leave the company in January 2007. All separations will be complete by September 2007, Ford said in a statement.

Ford began the year with about 83,000 United Auto Workers union employees.

Workers who sign up for a package can change their minds up until the day the package takes effect, the company said.

Ford lost $7 billion in the first nine months of the year, and on Monday the company announced that it plans to get about $18 billion in financing to help staunch its cash flow losses and to pay for its restructuring. Ford's share of the domestic market has declined to 17.6% at the end of October from around 26% in the early 1990s.

The company expects to cut its costs by $5 billion through 2008, with further unspecified reductions in 2009.

Ford has announced plans to close 16 plants as part of its "Way Forward" restructuring plan. Nine of the plants have been identified, but the company has not named the remaining seven.

Under the buyout or early retirement plans, workers can choose between eight packages that offer from $35,000 to $140,000 depending on their years of service, age and how close they are to retirement.

One package offers up to $15,000 per year for four years of college tuition, plus half of the workers' salaries and health benefits for four years. There's also an offer that pays 70% of their salaries and tuition, both for two years.
Tom45
SlideWRX is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ford to fix software for Ford Fusion and Milan hybrid brakes AVANTI R5 Non-Subaru News & Rumors 1 02-05-2010 08:16 AM
Ford to offer smaller car than Focus in U.S. by 2009 AVANTI R5 Non-Subaru News & Rumors 25 05-30-2008 07:45 PM
Ford Canada offers big incentives BlownGasket Non-Subaru News & Rumors 0 11-06-2007 03:29 PM
NEW Ford BF Falcon MkII for Ford Australia NYCshopper Non-Subaru News & Rumors 7 08-11-2006 02:33 PM
Ford to offer zero-percent financing, gas cards on 2006 models NYCshopper Non-Subaru News & Rumors 11 06-01-2006 04:59 PM


All times are GMT -4. The time now is 09:32 AM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2014 Axivo Inc.
Copyright ©1999 - 2014, North American Subaru Impreza Owners Club, Inc.