‘Tis the season for corporate reorganizing. On Monday Ford Motor Company was one of many companies serving the trucking industry to announce they are making some big changes.
Ford announced several changes to salaried compensation and health care benefits, including the suspension of company matching contributions to the 401(k) plan in the United States. Ford will also eliminate the second shift at one assembly plant. Company officials say the actions are expected to save them about $300 million after taxes annually.
"These plant and benefit actions, while painful for our employees, are necessary as we confront a serious situation," said Chairman and CEO Bill Ford. "More tough decisions will follow in the months to come. However, we are confident that by building on our inherent product strengths, we will succeed as the best car and truck company in the world."
Ford announced several changes to salaried compensation and health care benefits, including the suspension of company matching contributions to the 401(k) plan in the United States. Ford will also eliminate the second shift at one assembly plant. Company officials say the actions are expected to save them about $300 million after taxes annually.
"These plant and benefit actions, while painful for our employees, are necessary as we confront a serious situation," said Chairman and CEO Bill Ford. "More tough decisions will follow in the months to come. However, we are confident that by building on our inherent product strengths, we will succeed as the best car and truck company in the world."
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