F Ford Motor Company

   By Nathan Allen 
 

Ford Motor Co. (F) said Thursday that it plans to shutter factories and cut thousands of jobs across Europe as part of a drive to improve its finances.

The U.S. auto maker said it will cut its European manufacturing footprint to 18 plants by the end of 2020, compared with 24 facilities currently.

Around 12,000 jobs will be affected by the measures across Ford's fully owned operations and joint ventures, primarily through voluntary separation agreements, the company said. Around 2,000 of the cuts are in salaried positions, which are included among the 7,000 global job cuts the company had already announced.

The company will reduce shifts at its assembly plants in Saarlouis, Germany and Valencia, Spain, as part of a broader operational shakeup, it said.

Ford said the restructuring will help it to reach its long-term goal of a 6% margin on earnings before interest and taxes.

In the U.K., the Ford of Britain and Ford Credit Europe headquarters in Warley will close later this year and operations consolidated in Dunton, the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

June 27, 2019 07:45 ET (11:45 GMT)

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