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Ford Europe to slash thousands of jobs in turnaround plan

Ford said on Thursday it will cut thousands of jobs, look at plant closures and discontinue loss-making vehicle lines as part of a turnaround effort aimed at achieving a 6 percent operating margin in Europe. Ford Europe has been losing money for years and pressure to restructure its operations has increased since arch-rival General Motors raised profits by selling its European Opel and Vauxhall brands to France’s Peugeot. Ford said it will seek to exit the multivan segment and focus on developing more profitable “crossover” and sports utility vehicles, and will stop manufacturing automatic transmissions in Bordeaux in August. It will also review its operations in Russia, and combine the headquarters of Ford UK and Ford Credit to a site in Dunton, Essex. (reuters)

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