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FORD MOTOR COMPANY

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Ford Motor : Unifor local says Ford to cut 185 jobs in Oakville, Ont. plant on slowing sales

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07/19/2019 | 04:22pm EDT

OAKVILLE, Ont. — The head of the local union at Ford Motor Co.'sOakville, Ont. plant says the company will cut 185 jobs in September with possibly more to come next January.

Dave Thomas, president of Unifor Local 707, says in a message to members that the company is easing production at the plant due to costs and slowing sales.

He says the shift restrictions coming in August, which includes cutting five units per hour from the production line among other schedule changes, will lead to the 185 permanent job cuts in September.

The cuts come as the Canadian auto market has seen 16 months of consecutive sales declines and the industry contends with a sharp drop in sales in China and slowing sales in the United States.

The crossover and SUV type vehicles produced at the Oakville plant, including the Ford Edge, Ford Flex, Lincoln MKX and Lincoln MKT, have however fared much better than passenger cars.

Ford, which did not immediately respond to a request for comment, employs about 4,600 people at the Oakville plant.

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (USD)
Sales 2019 145 B
EBIT 2019 6 209 M
Net income 2019 3 636 M
Finance 2019 7 990 M
Yield 2019 6,65%
P/E ratio 2019 10,4x
P/E ratio 2020 6,70x
EV / Sales2019 0,19x
EV / Sales2020 0,19x
Capitalization 36 028 M
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Technical analysis trends FORD MOTOR COMPANY
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 11,01  $
Last Close Price 9,03  $
Spread / Highest target 44,0%
Spread / Average Target 21,9%
Spread / Lowest Target -9,19%
EPS Revisions
Managers
NameTitle
James P. Hackett President, Chief Executive Officer & Director
William Clay Ford Executive Chairman
Joseph R. Hinrichs Executive VP & President-Global Operation
Robert L. Shanks Chief Financial Officer & Executive Vice President
Jeff Lemmer Vice President & COO-Information Technology
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