According to a report from Reuters, Ford is shelling out $750 million in a severance deal that will see the automaker close its facility in Genk, Belgium. The automaker reached this deal with the 4,000 hourly workers employed at the plant last week, which means the company will pay out an average of $187,500 per worker.
Ford is hoping to continue the reduction of both the number of vehicles the automaker will produce and, correspondingly, its hourly blue-collar workforce. In order to make good with the UAW, the same buyout packages available last year are being extended to these unionized workers. The packages have not changed since they were offered to Ford employees in Kentucky in June of 2007. These latest buyout
Ford had a rough 2007, but there were bright spots, among them being news announced today that it managed to trim its fourth quarter losses compared to the same quarter in 2006. The Blue Oval announced today that it lost $429 million, or 20 cents a share, in Q4 2007. Compare that to the $2 billion, or $1.03 a share, it lost during the same quarter the year before, and you can see why sometimes a loss can still be considered a good thing. The company's net loss last quarter was $2.8 billion, or $