DETROIT -- Ford Motor Co. will reveal more restructuring actions when it announces its third-quarter financial results on Oct. 20, CEO Bill Ford says. But it isn't likely to be a big-bang announcement that sums up total job-cutting plans or plant closing targets.
Bill Ford said those details will come eventually.
Previously, he had indicated there might be one big announcement this fall.
"We want to make sure we have the conversations with the UAW leadership before we make any kind of public pronouncements," Bill Ford told reporters last week. "But just know that we're working on those things, and this is very much part of what we're considering as we go forward."
He acknowledged that financial "rough patches" still loom and that the company must address production overcapacity.
COO Jim Padilla has said that Ford Motor's North American capacity utilization is around 75 percent.
The Oct. 20 discussion will address purchasing initiatives and other steps on how to return the North American automotive business to profitability, Bill Ford said. That unit posted a $907 million pre-tax loss in the second quarter.
Another reason the restructuring plan is likely to come in phases is to give Ford Motor's incoming North American chief Mark Fields the chance to shape the recovery. Fields starts his new position on Saturday, Oct. 1.
Despite noting that he's "not putting Mark on a stopwatch," Bill Ford said he expects an action-oriented business plan to unfold in the next 100 days.
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