LONDON (SHARECAST) - Ford has admitted that it now expects European losses for 2012 to reach upwards of 1.5bn dollars.
The company has also announced more closures, this time spelling bad news for the UK with the shut-down of operations at its Southampton-based van plant and another in Dagenham, where stamping and tooling production takes place.
1,400 Ford employees are expected to be affected by the changes, which come as part of a wider restructuring within Europe. The US firm stressed that not every employee will be made redundant, with some being offered either voluntary separation or redeployment. 1,100 jobs are expected to go.
The news followed Wednesday's announcement that a plant in Belgium, employing 4,300 people, would be closed in 2014.