Ford, UAW Reach Deal to Offer Buyouts
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DETROIT (AP) – Ford Motor Co. plans to offer buyout packages to more than 75,000 of its employees, a United Auto Workers union official said Thursday.
The union told its members about the plan after discussion with Ford on the proposal, said Chris Kimmons, president of UAW Local 919 at the Norfolk, Va., assembly plant.
The buybacks are aimed at helping Ford cut costs as its sales shrink under fierce competition from more fuel-efficient models from Asian automakers.
