Ford to hire 1200 workers for building Fusion
Ford Motor Company(NYSE:F) is hiring an additional 1200 workers at a Detroit plant for manufacturing the Fusion, indicating the company’s confidence that the revamped sedan will be a huge draw when it is available for sale later in the year. On Monday, President of Ford Americas Mark Fields, told workers at the Flat Rock factory that the car’s target segment is growing at double the pace of the rest of the consumer segments in the auto industry.
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Manufactured only in Mexico until now, Fusion will now be built in the U.S. thanks to new labor contracts that have reduced U.S. manufacturing costs, making production in the country feasible for the company. The Flat Rock plant already manufactures the Mustang. The company will start hiring in the coming spring. It also plans to invest $555 million in plant equipment.
Further job cuts on the cards at HP
In its attempts to bounce back into the black, Hewlett-Packard Company(NYSE:HPQ) is planning to cut 2000 more jobs than originally planned. According to its regulatory filing report, the company has said that it will slash 29,000 thousand jobs by October 2014. In May, the computer maker had announced that it will cut 27,000 jobs. The reason for the change is not immediately known. These cuts are expected to cost the company $3.7 billion.
The Palo Alto, California based company has been severely affected by the technology shift in the past few years. Consumers are increasingly spending on cell phones and tablets and are buying fewer computers and printers, HP’s staple products. Last month, the company declared its largest loss in 73 years.
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On Monday morning, HP shares were trading at $17.59 up 1.5 percent. The stock continues to hover near the eight year low of $16.77 that it touched on August 30.