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Old 02-28-2007, 07:42 PM   #1
NYCshopper
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Default Ford sees $11.2 bln in costs for restructuring plan

Ford sees $11.2 bln in costs for restructuring plan

http://www.marketwatch.com/news/stor...E1E819B23B4%7D

Quote:
Ford Motor Co. said Wednesday it expects the lifetime costs of its "Way Forward" restructuring plan to total $11.2 billion.

The Dearborn, Mich., auto maker said it accrued $9.98 billion of the total costs in 2006. The company expects to accrue the remainder, mainly related to salaried personnel-reduction programs, in the first quarter of 2007, according to a Securities and Exchange Commission filing.

The largest part of the costs, $5.96 billion, is for Ford's Jobs Bank Benefits and personnel-reduction programs. Another $2.74 billion is for pension curtailment charges, according to the filing.

Ford announced last autumn that it would accelerate the restructuring plan, which involves closing several plants and cutting thousands of jobs, but said at the time it couldn't estimate the costs for the accelerated plan.

Also, Ford said in its annual report, also filed with the SEC Wednesday, that it is the subject of a purported class action suit alleging violations related to the Employee Retirement Income Security Act.

The lawsuit charges that the company failed "to prudently and loyally manage funds held in employee savings plans" because the company allowed employees to buy Ford stock in the plans.

Ford denied wrongdoing, and said it intends "to defend the matter vigorously."
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Old 02-28-2007, 08:51 PM   #2
rice h8r
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holy ****...
I guess costs a lot of money to come out of the hole they're in.
Thing is, what if the plan doesn't work and the hole gets deeper?
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Old 02-28-2007, 09:23 PM   #3
Kookaburra
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It is simple spend billions to save billions.
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