Ford Motor Co. announced plans to slash more than 12,000 jobs across Europe by the end of next year.
The job cuts are a part of the automaker’s restructuring plan to boost profts. It will shut down plants in France and Wales. It has reduced production at Spain and German facilities and closed a plant in Russia. According to the company, many of the job layoffs will come from voluntary separation agreements.
Ford’s earnings for the three months ending in March surged nearly 52% from the same period last year, to 44 cents a share – beating analysts’ estimates.
Last month, Ford CEO Jim Hackett said that the company is entering the final phase of its plan to lay off 7,000 salaried positions globally, which is about 10% of its workforce, as it seeks to save $600 million a year.