Report: Ford plans job cuts to boost profits - WDRB 41 Louisville News

Report: Ford plans job cuts to boost profits

Posted: Updated:

LOUISVILLE, Ky. (WDRB)  -- Ford Motor Co. is planning substantial job cuts to boost profits and raise its stock price, according to the Wall Street Journal, but a union official in Louisville said he knows of no layoffs among the more-than 13,000 line workers at Ford’s two local plants.

The Wall Street Journal said in a story published Monday the cuts would target salaried employees and would reduce Ford’s global headcount by an equivalent of 10 percent.

But Todd Dunn, president of UAW Local 862 in Louisville, said Tuesday there will be “no hourly layoffs to my knowledge at all” at Kentucky Truck Plant and Louisville Assembly Plant.

"I don't see anything coming our way," Dunn said.

Ford’s total sales are down 5 percent so far this year, but that’s because car sales have fallen off a cliff while bigger vehicles, like the ones made in Louisville, continue to meet strong demand.

Dunn said Ford “cannot build enough” of the Louisville-made Escape SUV (Louisville Assembly Plant) and the Super Duty pickup trucks (Kentucky Truck Plant).      

Ford didn't confirm the Wall Street Journal report Monday night.

In a statement, the company said it’s focused on reducing costs and improving efficiency. But Ford said it hasn’t announced any job cuts and won't comment on speculation.

Investors are concerned that U.S. sales are peaking and Ford’s market share is slipping.

Ford’s shares have lost more than a third of their value since Mark Fields became CEO in 2014. Electric car maker Tesla Inc. recently surpassed Ford in market value even though it sells far fewer vehicles.

But the Louisville-made vehicles have been among Ford’s best sellers for the last few years.

Ford sold 275,938 F-Series trucks during the first four months of the year, up 7.4 percent from the same period last year. The Super Duty trucks (F-250 and above) are made at Kentucky Truck Plant.

Meanwhile, sales of the Escape SUV – made at Louisville Assembly Plant – are up 6.8 percent, to 101,975, so far this year.

The Expedition, a large SUV built at Kentucky Truck Plant, has surged in recent years and is up 35 percent so far this year. Ford sold 20,558 Expeditions during the January-April period.

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2017 WDRB News. All rights reserved. The Associated Press contributed to this story. AP material may not be published, broadcast, rewritten or redistributed.

  • Sign Up for WDRB's Sports Newsletter

    * denotes required fields

    Thank you for signing up! You will receive a confirmation email shortly.
  • Stories by Chris OttsMore>>

  • Now making money on Obamacare, Humana still plans to quit exchanges

    Now making money on Obamacare, Humana still plans to quit exchanges

    Friday, November 17 2017 1:46 PM EST2017-11-17 18:46:53 GMT
    Louisville-based Humana is unexpectedly making money on Obamacare exchange plans this year, company reports show.Louisville-based Humana is unexpectedly making money on Obamacare exchange plans this year, company reports show.

    Louisville-based Humana isn’t budging from its promise to stop selling individual plans in the Obamacare health insurance exchanges -- once and for all – in 2018. There’s only one problem: Humana is finally making money on the plans.

    More >>

    Louisville-based Humana isn’t budging from its promise to stop selling individual plans in the Obamacare health insurance exchanges -- once and for all – in 2018. There’s only one problem: Humana is finally making money on the plans.

    More >>
  • Louisville-based Almost Family to merge with bigger competitor

    Louisville-based Almost Family to merge with bigger competitor

    Thursday, November 16 2017 5:06 PM EST2017-11-16 22:06:51 GMT
    Almost Family's headquarters office in LyndonAlmost Family's headquarters office in Lyndon

    Louisville-based Almost Family Inc. plans to merge with its slightly bigger competitor LHC Group to create a national home-health care giant that will operate in 36 states and generate $1.8 billion in annual revenue.

    More >>

    Louisville-based Almost Family Inc. plans to merge with its slightly bigger competitor LHC Group to create a national home-health care giant that will operate in 36 states and generate $1.8 billion in annual revenue.

    More >>
  • Apartment complex planned on old farm land near Oxmoor mall

    Apartment complex planned on old farm land near Oxmoor mall

    Wednesday, November 15 2017 9:25 PM EST2017-11-16 02:25:57 GMT
    A rendering of the proposed apartment complex at 202 Oxmoor Lane.A rendering of the proposed apartment complex at 202 Oxmoor Lane.

    A 301-unit apartment complex is proposed for a portion of the massive, undeveloped Oxmoor Farm behind Oxmoor Center. NTS Development Co. plans to build more than a dozen 3- and 4-story apartment buildings, as well as an outdoor pool, a clubhouse and a two-story parking deck.

    More >>

    A 301-unit apartment complex is proposed for a portion of the massive, undeveloped Oxmoor Farm behind Oxmoor Center. NTS Development Co. plans to build more than a dozen 3- and 4-story apartment buildings, as well as an outdoor pool, a clubhouse and a two-story parking deck.

    More >>
Powered by Frankly
All content © Copyright 2000 - 2017 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.