09:49 AM EST, 11/27/2024 (MT Newswires) -- (Updates with comment from Ford in the fourth paragraph.)

Germany's IG Metall union criticized Ford's (F) plans to cut thousands of jobs, warning it could lead to an "incremental death" of the automaker's Cologne plant, Reuters reported Wednesday.

The report said that the union representatives pledged to support workers' protests against the restructuring.

The automaker said last week that it plans to trim its European workforce by 4,000 positions by the end of 2027, primarily in Germany and the UK, as part of cost-cutting measures.

"Ford is now in the process of information and consultation with its social partners, targeting to find socially acceptable solutions to make Ford in Europe fit for the future," Ford spokesperson Dirk Ellenbeck said in an emailed response to MT Newswires. "Please understand that we do not intend to pre-empt those discussions on our part."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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