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Ford restores profit sharing with UAW
Ford posts $2.7 billion profit for 2009; restores profit sharing with UAW
Posted on Thursday, January 28th, 2010 at 2:11 PM EST.(Employee News)
Ford Motor Co. said it made $2.7 billion in 2009, its first full-year profit since 2005, The Detroit News reported.
The automaker also said it will remain profitable in 2010, putting it well ahead of its stated goal of restoring profitability by 2011, the paper said. Ford’s profit was a sharp contrast to the record $14.6 billion loss the company reported a year ago. Before taxes and excluding special items, the automaker’s operating profit was $454 million, the News said.
Under a profit-sharing agreement with the United Auto Workers, it will pay each of its 43,000 eligible U.S. hourly workers approximately $450, the paper said. U.S. salaried workers will not be getting bonuses, but the automaker previously announced it was restoring merit pay increases and 401(k) matches that had been suspended, the story said. (The Detroit News)
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