Business
Hourly Buyout Acceptances
Hourly Buyout Acceptances.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n Ford Motor Co\n29 November 2006\n\n\nNEWS\n\nContact: \n\nMedia: Investment Shareholder Inquiries:\nMarcey Evans Community: 1.800.555.5259 or\n1.313.322.9211 Raj Modi(Equity) 1.313.845.8540\[email protected] 1.313.323.8221 [email protected]\n [email protected] \n\n Rob Moeller (Fixed Income)\n 1.313.621.0881\n [email protected]\n\nFOR IMMEDIATE RELEASE\n\n\nFORD'S HOURLY BUYOUT ACCEPTANCES REACH 38,000 THIS YEAR \n \nDEARBORN, Mich, Nov. 29, 2006 - As part of a key objective of its North American\nturnaround plan, Ford Motor Company confirmed today that so far this year about\n38,000 of its UAW-represented hourly workers have accepted package offerings for\nvoluntary separations from the company. \n\nThis figure includes approximately 30,000 buyout offers preliminarily accepted\nduring the recent system-wide open enrollment period that concluded this week\nfor Ford hourly workers, including those at the company's Automotive Components\nHoldings (ACH) division. In addition, the figure includes about 8,000\nacceptances received earlier in 2006 during targeted plant-by-plant buyout\nofferings to Ford and ACH employees. Of the 38,000 total acceptances,\napproximately 6,000 were by hourly employees at ACH. Ford began the year with\nabout 83,000 UAW-represented employees. \n\nThe open enrollment period that began in October offered eight different\nvoluntary buyout packages to all of Ford's UAW-represented employees. The offers\nincluded traditional packages for retirement-eligible employees, as well as non-\ntraditional packages for employees with at least one year of service. Just over\nhalf of the buyouts accepted during the recent open enrollment period were by\nemployees who accepted one of the non-traditional packages, which provided\noptions such as lump sum payments, tuition reimbursements or scholarship funds\nfor family members. \n\nThe acceptances are preliminary, as all buyout offers are voluntary and include\nan employee's opportunity to rescind acceptance up until the time of their\nseparation from the company. The employee reductions will contribute toward\nmajor objectives of the accelerated Way Forward plan for turning around the\ncompany's North American operations. On Sept. 15, Ford announced its intention\nto reduce its North American hourly workforce by 25,000 to 30,000 employees by\nthe end of 2008, including a...