Spotted this in my daily surfing.
Sunday January 20, 10:28 am Eastern Time
Ford should not hurry cut backs at PAG unit-paper
FRANKFURT, Jan 20 (Reuters) - Ford Motor Co (NYSE:F - news) should not accelerate cut-backs at its luxury car group, the head of Premier Automotive Group (PAG), told a German newspaper published on Sunday.
Thanks to brands like Jaguar, Aston Martin, Land Rover and Volvo, PAG was on the right track, Wolfgang Reitzle told Welt am Sonntag.
``For this reason it would not be clever if cutbacks were brought forward,'' he said.
Earlier this year, the U.S. car giant announced a wide-ranging turnaround plan, including axing 35,000 jobs worldwide -- or 10 percent of its workforce -- dropping four low-profit models and closing up to seven U.S. plants.
Reitzle declined to comment on a report that PAG had turned a record profit of $693 million in 2001, but he said Volvo -- which PAG took over in 1999 -- was making good progress.
``After a phase of integration is over... in about five years, we will have results comparable with other premium auto producers,'' he said.
Last week, Ford reported a net loss of more than five billion dollars in the fourth quarter.
Sunday January 20, 10:28 am Eastern Time
Ford should not hurry cut backs at PAG unit-paper
FRANKFURT, Jan 20 (Reuters) - Ford Motor Co (NYSE:F - news) should not accelerate cut-backs at its luxury car group, the head of Premier Automotive Group (PAG), told a German newspaper published on Sunday.
Thanks to brands like Jaguar, Aston Martin, Land Rover and Volvo, PAG was on the right track, Wolfgang Reitzle told Welt am Sonntag.
``For this reason it would not be clever if cutbacks were brought forward,'' he said.
Earlier this year, the U.S. car giant announced a wide-ranging turnaround plan, including axing 35,000 jobs worldwide -- or 10 percent of its workforce -- dropping four low-profit models and closing up to seven U.S. plants.
Reitzle declined to comment on a report that PAG had turned a record profit of $693 million in 2001, but he said Volvo -- which PAG took over in 1999 -- was making good progress.
``After a phase of integration is over... in about five years, we will have results comparable with other premium auto producers,'' he said.
Last week, Ford reported a net loss of more than five billion dollars in the fourth quarter.
