Ford Europe to slash thousands of jobs in turnaround plan

Ford has crafted a turnaround plan for its European operations.

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The automaker on Thursday said it will cut thousands of jobs, exit unprofitable markets and discontinue loss-making vehicle lines as part of a European reorganization, according to Reuters.

The plan is aimed at achieving a 6 percent operating margin in Europe.

Ford said it will look to exit the multivan segment, stop manufacturing automatic transmissions in Bordeaux in August, review its operations in Russia, and combine the headquarters of Ford U.K. and Ford Credit to a site in Dunton, Essex.

"We are taking decisive action to transform the Ford business in Europe," Steven Armstrong, Group Vice President, Europe, Middle East and Africa, said in a statement.

Ford Europe has struggled to turn a profit.

The division currently employs 53,000 people, with staff reductions running into the thousands.

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"Ford aims to achieve the labor cost reductions as far as possible through voluntary employee separations in Europe," the carmaker said in a statement on Thursday.