Ford says to close factories, cut jobs in Europe

Reuters

Ford Motor said it will reduce production capacity in Europe by 18 percent, or 355,000 vehicles, and cut 6,200 jobs to bring its European operations back into profit.

The U.S. automaker said it will close three facilities in Europe, among other restructuring efforts that will save about $450 million to $500 million in annual costs.

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It warned its European operations would lose in excess of $1.5 billion for 2012.