|
Idle production lines in Europe are cutting profits as automakers face a contracting market. Odell said Ford plants are operating just above 90 percent thanks to earlier plant closures, and emphasized that Ford Europe has been profitable for six of the last eight years despite a difficult economic environment. More recently, Ford Europe has dropped a Belgian plant to four days a week and reducing the temporary work force at plants in France and Britain. Ford made difficult decisions on plants during the 2008 and 2009 crisis
-- something that didn't happen Europe-wide "for a number of national reasons," Ford CFO Lewis Booth told The Associated Press. Ford will focus on cost containment to return to profitability until demand is restored, but he declined to speculate on possible measures. Booth said Ford Europe could lose $500 to $600 million dollars this year, after recording losses of $190 million in the last quarter of 2011. "The European consumer is nervous about spending money because he doesn't know what the future holds," Booth said.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor