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Ford eyes more than 5,000 job cuts in Germany

Ford Motor Co. plans to cut more than 5,000 jobs in Germany as the company looks to restructure its operations in Europe.

The Michigan-based automaker is reorganizing its workspace in Europe as it looks to increase profitability, Ford said in an emailed statement to S&P Global Market Intelligence on March 15.

The number of job cuts in the U.K. is yet to be determined. The layoffs in Germany also includes temporary workers.

The company aims to cut down structural costs and do away with less value-added work in Europe. Ford plans to set up three customer-focused business units in Europe, which includes commercial vehicles, passenger vehicles and imports.

Ford of Europe is also aiming to reduce the "complexity" of its existing models, increase the volume of profitable vehicle lines and change its portfolio by focusing on profitable lines and improving or closing less profitable vehicle brands.

Ford is also reportedly planning to cut salaried jobs at its headquarters in Michigan as part of its $11 billion restructuring plan.