Even after the cutbacks the firm would be overproducing 200,000 units a year, he said. Ford's profits in Europe fell from $193 million in 1998 to $28 million in 1999. The company lost $55 million in the fourth quarter of last year. The profitability of the plants in the United Kingdom has suffered as the British pound has strengthened against the euro, the currency used for cross-border transactions in Europe.

Exports from the United Kingdom have become more expensive for buyers on the continent, as the euro has declined by 15 percent over the past year. Officials of the Transport and General Workers' Union, which organizes the plant, said they oppose cuts of more than 1,000 jobs. "We are not prepared to be treated unfairly or disproportionately with other workers across Europe," said union negotiator Tony Woodley.  
 
 
Front page (for this issue) | Home | Text-version home