Ford Motor Co. said it will have cut 12,000 jobs in Europe -- about 20 percent of its overall workforce there -- by the end of next year to try to return the business to profit, part of a wave of cost reductions in an auto industry facing stagnant demand and record-level investments to build low emission cars.

Ford said it has ceased production at three plants in Russia, is closing plants in France and Wales, and has cut shifts at factories in Valencia, Spain and Saarlouis, Germany. The cuts will reduce its manufacturing footprint in Europe from 24 plants down to 18.

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Ford To Slash 12,000 European Jobs By The End Of Next Year

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