Ford to unveil restructuring plans

LOS ANGELES - Ford will detail its restructuring plans on January 24 NZ time, the same day it will announce fourth-quarter financial results, the No. 2 US car maker said.

Ford has said it would announce a comprehensive restructuring plan this month that aims to restore the company's North American operations to profitability.

Analysts have expected job cuts and plant closings as both Ford and its larger rival General Motors Corp. struggle against high costs and increased Japanese competition.

Ford said in a statement that it would release financial results at 7.30am US eastern time on January 23 (1am January 24 NZT), followed by a presentation of its restructuring plan dubbed the "Way Forward" at 9.30 am.

The company said its restructuring plan would be presented by members of its executive management team.

Ford also scheduled a briefing for bond market analysts and investors for later the same day on Ford Motor Credit Company, the automaker's financing arm.

The Detroit News reported earlier this month that Ford planned to cut between 25,000 and 30,000 jobs in North America within five years and to close at least 10 plants.

In November, GM announced plans to slash 30,000 manufacturing jobs and close a dozen North American plants.

- REUTERS