Ford set to offer more buyouts

Ford Motor Co. is preparing to offer another round of buyouts to all of its approximately 54,000 U.S. hourly employees, and sources say an announcement could come as early as Thursday.

The offers will be essentially the same as those Ford offered to United Auto Workers members in 2006, according to people familiar with the situation. However, a union official told The Detroit News that there is a proposal to offer more money to skilled trades workers, who are among the highest paid. The union source and the company said talks on final terms are continuing and the two sides are close to a deal.

"We have an agreement in principle to offer buyouts to our U.S. hourly employees," Ford spokesman Mark Truby said. "We have been working with the UAW regarding the packages to be offered and the timing of the offers. We will have an announcement relatively soon."

Ford CEO Alan Mulally said Tuesday that more details of the plan will be outlined Thursday when the automaker releases fourth quarter and full-year earnings for 2007, but did not say if a final deal was expected by then.

Ford's contract with the UAW allows the Dearborn automaker to pay new hires substantially less than current hourly employees, and the company is eager to create as many openings as possible. But Ford still has to find positions for up to 5,000 former Visteon Corp. workers it agreed to take back as part of a bailout of its former parts subsidiary in 2005. Detroit News