Ford Credit takes $ 290 mln in restructuring charges

Detroit, Mar 10: Ford Motor Credit Co, the finance subsidiary of automaker Ford Motor Co, said on Friday a previously announced restructuring plan would prompt 0 million in charges, including 0 million to fund job cuts.

Ford Credit said it had booked million of the costs in 2006 with the balance of the charges to be expensed in 2007.

The disclosure, which was made in a filing with securities regulators, marked the first time Ford Credit had detailed the costs associated with a plan it announced in September to cut 2,000 jobs about a quarter of its staff in North America and close 59 branch offices in the United States.

Reuters