Ford warns of growing losses and announces UK closures

Ford has admitted that it now expects European losses for 2012 to reach upwards of 1.5bn dollars.

Ford has admitted that it now expects European losses for 2012 to reach upwards of 1.5bn dollars.

The company has also announced more closures, this time spelling bad news for the UK with the shut-down of operations at its Southampton-based van plant and another in Dagenham, where stamping and tooling production takes place.

1,400 Ford employees are expected to be affected by the changes, which come as part of a wider restructuring within Europe. The US firm stressed that not every employee will be made redundant, with some being offered either voluntary separation or redeployment. 1,100 jobs are expected to go.

The news followed Wednesday's announcement that a plant in Belgium, employing 4,300 people, would be closed in 2014.

NR

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
6 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023