Ford Says 38,000 Have Taken Buyouts

[igor]

http://www.detnews.com/apps/pbcs.dll...611290416/1148

HALF TAKE FORD BUYOUT
MASS EXIT: More than 35,000 blue-collar workers to leave

SAVINGS: Stunning exodus could fuel comeback

FUTURE: Temporary workers will step in


Igor

[1931Chevy]

http://biz.yahoo.com/ap/061129/ford_buyouts.html?.v=14
Ford Says 38,000 Have Accepted Buyout or Early Retirement Offers


DETROIT (AP) -- Almost half of Ford Motor Co.'s hourly production workers -- 38,000 so far this year -- have accepted buyouts or early retirement offers as the nation's second biggest automaker shrinks in the face of multibillion-dollar losses and fierce competition from Asian carmakers.

The figure includes approximately 30,000 buyouts during the open signup period that concluded late Monday, plus about 8,000 who took deals offered at limited plants earlier this year.
Faced with lower demand for its products, Ford had hoped that 25,000 to 30,000 workers would sign up during the just-expired round of buyout offers so it could reduce manufacturing capacity to better match demand. The number who did was at the top end of that range.

[JazzyChef]

I'm glad to hear that things are going as planned for Ford and for GM. The buyout's will safe a tremendous amount of money! Maybe we'll see that go right back into the quality and design of the vehicles.

[jbernie]

The numbers are impressive, certainly we will see some heavy charges coming up as the buyouts go through, maybe all of this will hit earnings for this quarter and then thinsg get back on track?

With so many leaving it will be interesting to see if any plants will be closed alot faster, and also how many will come back as skilled temps to keep things moving. I know Ford was wanting to cut production but.....

I hope this gives Ford a good kick start on the way to recovery, profitability and new models that people really want.

[DuSpinnst]

Well that's good, but they need to get more people out the door. Ford has marketshare shrinking faster than GM.

[johnny smallblock]

HALF TAKE FORD BUYOUT
MASS EXIT: More than 35,000 blue-collar workers to leave

SAVINGS: Stunning exodus could fuel comeback

FUTURE: Temporary workers will step in

WON'T HELP SHOWROOM: Firing workers doesn't fix boring cars

FUTURE STILL MURKY: Future products still boring, underpowered, or unknown/6 years off

NEW WAY FORWARD: Do 3/4 of what GM does.

[desmo9]

while some ford employees are paying off student loans, others went to work in the factory right out of high school, then a few years later are offered a buyout that's a "fellowship" of sorts, where they can go to school for 4 years with tuition paid and a $30K a year stipend.

a fleecing of the car buyer and the Ford stakeholder, that's what that is.

[jlt0x]

Originally Posted by desmo9

while some ford employees are paying off student loans, others went to work in the factory right out of high school, then a few years later are offered a buyout that's a "fellowship" of sorts, where they can go to school for 4 years with tuition paid and a $30K a year stipend.

a fleecing of the car buyer and the Ford stakeholder, that's what that is.

In a way it's fleecing, but it's also a way to increase the education levels of the average (ex-)Ford employee.

There is nothing worse than a large corporation shedding thousands of people that are nearly unqualified to work at McD's. With these buyout packages, a lot of people are getting the opportunity to enter or return to college and get degree that will help them to get another job in a career they may stay in until retirement. Those people won't be in the unemployment lines, won't be applying for govt assistance. They will be positively contributing to their perspective communities in a way that will help to maintain a good financial economy.

And those workers that are fairly older may use the cash from the buyout to pay down or pay off debt (house, car, child's college education, credit cards, etc). The buyout money will end up in the economy somehow and will help to promote the overall health of their communities economy.

[desmo9]

Originally Posted by jlt0x

In a way it's fleecing, but it's also a way to increase the education levels of the average (ex-)Ford employee.

There is nothing worse than a large corporation shedding thousands of people that are nearly unqualified to work at McD's. With these buyout packages, a lot of people are getting the opportunity to enter or return to college and get degree that will help them to get another job in a career they may stay in until retirement. Those people won't be in the unemployment lines, won't be applying for govt assistance. They will be positively contributing to their perspective communities in a way that will help to maintain a good financial economy.

And those workers that are fairly older may use the cash from the buyout to pay down or pay off debt (house, car, child's college education, credit cards, etc). The buyout money will end up in the economy somehow and will help to promote the overall health of their communities economy.

I truly understand the point ... it's charitable. However, I believe Ford's in the car business, not the business of educating factory workers beyond what's necessary to excel at factory work.

It's not an appropriate use of funds for a company that's on the verge of liquidation. That said, if you truly believe a company in Ford's position ought to fund social services to the tune of $$ billions, think about how the same monies could be used to bolster math and science in grade schools. The kids need the help ... not an adult who, with appropriate motivation and perseverance, can make things happen for himself.

This is one of but a few issues in which my opinion is unbudgeable.