The news flash was so brief.
The Ford Motor Company announced on Monday that it would lay off 30,000 workers and close 14 of its North American assembly plants.
By the end of the day, most news websites, like CNN, had moved on.
The decision was made in the wake of GM’s November decision to go into full crisis management mode in the face of labor and pension costs and crushing competition from Japanese and Korean automakers. Ford, while in a similar position as GM, is still a relatively healthy corporation. Yet, management felt that slashing jobs was the way forward.
This sour news seemed to boost Ford’s shares by over 5% in NYSE trading as investors seemed happy that Ford was trimming the fat.
It continues to be the case that the laborer for all his and her toil is made expendable in the name of profitability.
How unfortunate.
No comments:
Post a Comment