bill ford jr 200

In a conference call related to Ford's third-quarter loss, chairman and CEO Bill Ford Jr. announced Thursday that the company's restructuring plan, due in January, will include "significant plant closings."

Referring to the beginning of an industry-wide "dramatic restructuring," Ford said "We need a dramatically different business structure."

Ford's announcements were apparently a reponse to increasing pressure from investors and analysts to reveal the company's plans for cutting costs and capacity in its North America division, which had before-tax losses of $1.2 billion in the third quarter.

Ford America's new management team, headed by Mark Fields, is in for a busy couple of months…

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