US carmaker Ford has announced it will slash hundreds of jobs, mainly in Germany and Britain, in an attempt to cut costs by 200 million dollars per year and increase profitability.
It is hoped the voluntary redundancy scheme - mostly involving managerial positions - will increase profit margins. The exact number of redundancies will depend on how many people accept severance packages, the company said.
The announcement comes after Ford returned to profit for the first time in several years in 2015, recording a pre-tax profit of 259 million dollars.
The loss-making years prior to 2015 prompted Ford to shutter three factories in Britain and Belgium.