Ford has no plans to carry out an assembly plant shutdown in Canada along the lines of the closure announced yesterday (26 November) by General Motors, the head of the automaker’s Canadian operation told local media after the rival’s announcement.
“(We have) no plans to do anything like that,” Mark Buzzell, president and chief executive officer of the Ford Motor Company of Canada, told Reuters after a meeting in Ottawa with Canadian prime minister Justin Trudeau.
General Motors said it would close its Oshawa assembly plant in Ontario, two further plants in the US plus two powertrain factories in the US.
The drastic cuts are part of yet another restructuring that the automaker said would save it about US$6bn a year by the end of 2020.
The automaker added: “In addition to the previously announced closure of the assembly plant in Gunsan, Korea, GM will cease the operations of two additional plants outside North America by the end of 2019.”
Cost reductions of $4.5bn and a lower capital expenditure annual run rate of almost $1.5bn will contribute to cash savings of $6bn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData