Ford restructuring tab expected to hit $3.4 billion

Idling seven factories will push Ford’s restructuring costs up to a total of $3.4 billion (before taxes) for the year. The figure includes over $2.1 billion associated with early retirement packages, layoffs, and pension issues, as well as $280 million to close the plants.

By Erin Mays
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Idling seven factories
will push Ford’s restructuring costs up to a total of $3.4 billion (before taxes) for the year. The figure includes
over $2.1 billion associated with early retirement packages,
layoffs, and pension issues, as well as $280 million to close the plants.

The factories on the block so far are the two the automaker announced last week — St. Paul, Minn. and
Norfolk, Va. — as well as the Wixom, Mich., and Atlanta, Ga. Production at St. Thomas will be cut to one
shift.

[Source: The Detroit News]