JANUARY 12, 2002
Ford's mammoth job cuts
THE Ford Motor Company has announced that it is to close five of its factories in North America and lay-off 35,000 workers. Two -thirds of the jobs are to go are in the US. The company chairman William Clay Ford said the cuts were "painful but necessary".
The job-cutting is design to cut the company's production capacity by a million cars a year because of the over-capacity in the automobile business at the moment.
Despite the cuts, the high-profile but unsuccessful Jaguar Racing in F1 program is to remain untouched.
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