Ford May Close More Plants to Stem Losses
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Ford Motor Co. may close more plants after a 2002 plan to cut costs failed to end losses in North America, Ford President James Padilla said.
The automaker already closed the Jaguar Browns Lane plant in Britain and will soon close a van plant in Lorain, Ohio, he said.
Plant closings may be part of a further restructuring that Chief Executive William Clay Ford Jr. plans to carry out in the fourth quarter. Ford in August promised “new initiatives” that will go beyond cost cutting to combat dwindling profit and shrinking U.S. market share.
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