Category: Breaking News Written by Huffington Post
In December of 2006, Spike Lee was hired to write and direct a film about the life of James Brown for producer Brian Grazer. One year later, Wesley Snipes was attached to play Brown, though the actor wouldn't cover any of the Godfather of Soul's famed songs.
"We're doing it together -- it's going to happen," Lee told MTV News in 2009. "I want to hear James Brown’s voice. That’s just my personal taste."
When Snipes got into legal trouble with the IRS, casting turned to Eddie Murphy, who as recently as this year said that Lee's script for the film was "incredible."
"That's a great, great piece," Murphy told BlackTree TV. "I wish it could come together. It has everything and his story is incredible. Imagine how incredible Ray Charles' story was -- and he's at the piano. James is doing splits and running and jump off the wall. Angel dust. Shooting out tires. James' shit is bananas."
Now, however, it appears Lee's version will go the way of his long-planned Jackie Robinson biopic. Deadline.com reports that Grazer has hired Tate Taylor to direct the Brown film, with a script by Jez Butterworth and John-Henry Butterworth ("Fair Game"). The new report makes no mention of Lee's involvement at all.
Taylor, who previously directed "The Help," has been looking for a follow-up project to that Best Picture nominee. In June, Deadline.com reported that he was set to write and direct an adaptation of "The Jury," an adaptation of a British miniseries that co-starred Gerard Butler.
In addition to Taylor, Grazer also added Rolling Stones lead singer Mick Jagger as a producer on the film. For more on the film's development, head over to Deadline.com. No word yet on casting, though Murphy is not attached in any official capacity.
Last Updated on Wednesday, 24 October 2012 12:57
Category: Top News Written by Patrick Keating CHRONICLE STAFF WRITER
Last Updated on Wednesday, 24 October 2012 12:45
Category: Breaking News Written by Fox News
The San Francisco Giants eye their second World Series title in three years, as they kick off the 108th edition of the Fall Classic against the Detroit Tigers on Wednesday at AT&T Park.
Amazingly, these two storied franchises have never met in the World Series, despite this being the 19th trip for the Giants and the Tigers' 11th appearance. However, this is only the fifth time the Giants will be playing in this round since the team moved from New York to San Francisco.
Of course, the Giants' last trip to the World Series resulted in the franchise's first title since 1954, a five-game victory over the Texas Rangers in 2010.
This time around San Francisco enters the Fall Classic with a ton of momentum following a thrilling seven-game win over the St. Louis Cardinals in the NLCS, which saw it rally from a 3-1 series deficit.
In Monday's clincher, Matt Cain (2-2) scattered five hits and one walk over 5 2/3 scoreless innings and even drove in a run during the 9-0 rout, while Hunter Pence drove in a pair with a fortunate broken-bat double during a five- run third inning. Fellow midseason acquisition Marco Scutaro capped his NLCS MVP performance with his sixth multi-hit game of the series.
"We played with more heart and more determination than any club I've seen," Giants manager Bruce Bochy said during the trophy presentation. "They didn't want to go home."
Resiliency has been the Giants' calling card this October, as they also became the first team in NL history to rally back from an 0-2 hole and win a Division Series with a five-game win over the Cincinnati Reds.
With their sixth straight win in the face of elimination on Monday, the Giants became only the second team to win three in a row to close out postseason series twice in one session, matching the 1985 Royals -- who rallied against the Blue Jays in the ALCS and then the Cardinals in the World Series.
San Francisco won in 2010 thanks to an incredible pitching staff. That rotation seems to be finding itself again at the right time entering this series, as the Giants closed out the Cardinals by allowing just one run over the final three contests.
Lefty Barry Zito started the remarkable comeback with a sensational effort in Game 4 that saw him throw 7 2/3 scoreless innings and he'll get the call in Game 1 -- quite a contrast from the Giants' last playoff run when Zito was not even included on the postseason roster.
"For him to keep grinding, as we say, and trying to get better, for him to be at this point and starting the first game, I was really glad, proud to tell him that," Bochy said Tuesday.
Zito, the 2002 AL Cy Young Award winner with Oakland, was 15-8 in the regular season and the Giants have won in each of his last 13 trips to the hill.
"Yeah, it means a lot," Zito said of getting the ball for Game 1. "Like I said earlier, it's hard to reflect and really become third person about this experience. It's more about right now just going out and preparing for a ballgame against a good team.
You know, I can look back on everything when I'm back home."
The Giants offense was paced in the regular season by MVP candidate Buster Posey, who was the NL's leading hitter at .336 with 24 home runs and 103 RBI during the regular season. However, he is hitting just .178 with six RBI in the playoffs. Four of those RBI came with one swing of the bat, as his grand slam helped the Giants finish off the Reds in Game 5 of the NLDS.
Pence was acquired near the trade deadline to help the Giants' woeful lineup, but has struggled mightily this postseason, batting a mere .188. He has become the team's inspirational leader, though, with fiery clubhouse speeches, as his "look into each other's eyes" speech has become a rallying cry for the team.
With those two struggling, the Giants got a huge contribution from Scutaro, who was 3-for-4 in Game 7 and batted .500 (14-for-28) with six runs scored and four RBI despite suffering a strained left hip when Cardinals outfielder Matt Holliday took out the second baseman with a vicious slide in Game 2.
"It's a little want and a lot of willpower," said Posey. "I think to do it, guys actually have to believe it can happen."
Detroit, meanwhile, has been idle since finishing off a four-game sweep of the New York Yankees in the ALCS on Thursday. Its road here may not have been quite as difficult as the Giants, but they are back in the Fall Classic for the first time since 2006.
After beating the Oakland Athletics in five games of the ALDS, the AL Central- champion Tigers had a much easier time than anyone would have thought against the Yankees, as they took the first two games in the Bronx before sealing the series with two straight wins in Detroit, including an 8-1 thrashing over CC Sabathia in the clincher.
Detroit's last World Series appearance ended with a five-game game loss to St. Louis and the franchise hasn't won it all since besting the San Diego Padres in 1984.
Also, this is just the fourth time that a team who swept a series and one who went all seven games will meet in the World Series since the LCS expanded to a seven-game format in 1985. Each time, the team going the distance won the World Series, including the 2006 Cardinals, who took out the Tigers.
"I think they're going about it the right way," Detroit manager Jim Leyland said. "I'm not too excited about it, myself, to be honest with you, but I think they're taking it the right way. They know they need to see some pitching and in-game conditions. They're doing it business-like. I won't say they're all giddy about it, but they're doing it business-like, and that's the purpose of it.
"I told them why we're here, what the plan was, why we have the plan that we have. There are a couple guys here from the team in 2006, so I explained to them why we're doing it and what happened in 2006."
History may not be on the side of the Tigers, but they must still like their chances with perhaps the best pitcher on the planet in Justin Verlander, who will start Game 1 on seven days' rest and could potentially throw three times if needed in this series.
If there was a knock on the great Verlander it was that his postseason success hadn't matched up to his regular-season production. Well, the few detractors he may have had are going to have to find something else to complain about because he has been terrific this postseason.
The AL's reigning MVP and Cy Young Award winner was sensational again in the regular season, but has taken his game to yet another level this October, going 3-0 with a 0.74 ERA and 25 strikeouts in 24 1/3 innings.
"The only thing you do is you go out there and you compete," Giants manager Bochy said of facing Verlander. "We know what great stuff he has. You're talking [about] one of the elite pitchers ever in the game, as hard as he throws and his other pitches. You hope your hitters look forward to seeing him."
This will be just the ninth matchup between former Cy Young winners in a World Series game.
An interesting wrinkle here is that it was actually Verlander who helped give the Giants home-field advantage in this series, as he surrendered five first- inning runs and took the loss for the AL in the All-Star Game. It was a pair of Giants who contributed to his loss in that game, as Cabrera scored the game's first run and Pablo Sandoval smacked a bases-clearing triple.
"I keep telling everyone, 'God, if I hadn't given it up, we'd be at home,'" Verlander told USA Today over the weekend.
Offensively, the Tigers are paced by maybe the best 1-2 punch in the league in the middle of the lineup in Triple Crown winner Miguel Cabrera and slugging first baseman Prince Fielder.
With a batting average of .330 along with 44 home runs and 139 RBI, Miguel Cabrera led the American League in all three categories and finished tops in both leagues in homers and RBI. It's the 14th time in major league history that a player has accomplished the feat.
The 29-year-old set career highs in homers and RBI and had the second-best batting average of his career, trailing his .344 mark from the 2011 season.
After only driving in one run and batting .250 against the A's, Cabrera got himself righted a bit in the ALCS, as he hit .313 with four RBI.
Cabrera isn't the only masher in the Tigers' lineup. He moved over to third base this year to accommodate Fielder, a free agent addition who enjoyed his first year in Motown by hitting .313 with 30 home runs and 108 RBI.
Fielder, though, hasn't been able to get it going in the playoffs and is hitting just .211.
Leyland does have some concerns, specifically a bullpen that has seemingly removed Jose Valverde from the closer's role. After Valverde blew big leads against both Oakland and then New York, Leyland opted to go with a closer by committee, but lefty Phil Coke seemed to be his go-to-guy against the Yankees.
"I'm going to play it by ear," Leyland said Monday. "We're going to try to do everything we can to win a game."
Read more: http://www.foxnews.com/sports/2012/10/24/resilient-giants-host-rested-tigers-in-world-series-opener/#ixzz2AEbPzK3M
Last Updated on Wednesday, 24 October 2012 12:34
Category: Top News Written by Bankole Thompson, CHRONICLE SENIOR EDITOR
Last Updated on Wednesday, 24 October 2012 12:24
Category: Breaking News Written by Tami Luhby, moneycnn
NEW YORK (CNNMoney) -- They aren't in poverty, but they are just a step away from falling into its clutches.
More than 30 million Americans are living just above the poverty line. These near poor, often defined as having incomes of up to 1.5 times the poverty threshold, were supporting a family of four on no more than $34,500 last year.
They are more likely to be white than those in poverty, according to a CNNMoney analysis of Census Bureau data. They are more likely to be elderly. They are more than three times as likely to work full-time, year-round. And they are more likely not to receive help from the government.
"People just above the poverty line are just one paycheck or health disaster away from poverty," said Katherine Newman, a dean at Johns Hopkins University. "They are still quite fragile."
The near poor have grown by about 10% in number over the past five years, as the Great Recession sent many people falling down the income ladder. The ranks of those in poverty, on the other hand, swelled 24% in the same period.
Half of the near poor are white, compared to just over two in five of those in poverty, according to Census figures. And only 16.7% are black, compared to 23.6% of those in poverty. The share of Latinos who are near poor is 27.8%, only slightly smaller than the share in poverty.
The fact that there are more blacks in poverty than among the near poor likely stems from the fact that the unemployment rate among blacks is nearly double that of whites, said Robert Moffitt, professor of economics at Johns Hopkins. And they have much higher rates of single motherhood, he said. Whites, on the other hand, likely have enough earnings to put them just above the poverty line.
Another large group among the ranks of the near-poor are senior citizens. Nearly 17% of the near poor are elderly, while only 7.8% of those in poverty are.
Social Security keeps many of the elderly, particularly white seniors, above the poverty line ... but barely, said Arloc Sherman, senior researcher at the Center on Budget and Policy Priorities.
"Social Security is not an exorbitant program," he said. "People end up above the poverty line, but not necessarily far above it."
So it's not surprising that nearly 40% of the near poor who didn't work are retired, but only 6% say they couldn't find a job. On the flip side, 46% are employed and nearly half are working full-time.
Some of the near poor are eligible for income-based government assistance since certain programs allow those just above the poverty line to enroll. The food stamps program, for instance, is open to those who earn 130% of the poverty line, while Medicaid and child care subsidies let some of the near poor enroll, depending on the state.
But many are left on their own. Only 57% of the near poor receive public aid, excluding school lunches, compared with 70.3% of those in poverty. They are more likely to rely on churches or social service agencies for help.
"There are still a very large number of working families who are struggling and all but poor," Sherman said.
Newman calls this group "the missing class" because they can be overlooked by policymakers and advocates. They include home health aids, child care workers, teachers assistants and hospital orderlies, to name a few. They work full time, but often don't have employer benefits, which adds to their vulnerability, said Newman, whose research looks at those up to two times the poverty level.
"They are still low-income, but we tend to ignore them," Moffitt said.
Last Updated on Wednesday, 24 October 2012 12:07
Category: News Briefs Written by WWJ
DETROIT (WWJ) - Detroit police are looking for a group of people behind nearly a dozen gas station robberies in the city over the past two weeks.
Investigators say the group is wanted for ten armed robberies and one attempted robbery of local gas stations. Between three and five young men were involved in each case.
Police say during the robberies, the suspects will cover their faces, walk into a gas station armed with assault weapons and announce a hold-up.
According to police, three suspects attempted to rob a gas station in the 6500 block of VanDyke on Oct. 10 at 4:55 a.m. by crashing a vehicle into the front of the building. Failing to gain entry, the suspects fled from the location. Police say the three armed suspects continued their crime spree by robbing a station in the 800 block of W. McNichols at 6:45 a.m.
Investigators believe the three suspects are also responsible for several robberies that happened the very next day. Those incidents happened on Oct. 11 at gas stations in the 10000 block of Gratiot at 12:45 a.m.; in the 9700 block of Van Dyke at 12:57 a.m.; and in the 1900 block of E. McNichols at 1:05 a.m.
The suspects took a break for a few days before allegedly robbing a gas station in the 1600 block of E. McNichols on Oct. 17 at 6:30 a.m. The next three robberies happened two days later, on Oct. 19, at gas stations in the 9300 block of VanDyke at 5:10 a.m.; in the 1100 block of Clay at 5:30 a.m.; and in the 3700 block of Joy at 6:00 a.m.
Police say the last two incidents occurred on Oct.23, when four or five armed male suspects robebd a gas station in the 800 block of W. McNichols at 5:15 a.m., and in the 12800 block of W. McNichols at 5:40 a.m.
No one was hurt in any of the robberies. It wasn’t immediately clear how much money the suspects were able to get away with.
The suspects are described as a black males in their 20’s, wearing dark clothing and black masks that cover the lower half of their faces. Police say they hope to issue still photographs of the suspects sometime Wednesday.
Anyone with information regarding these incidents, is asked to contact the DPD’s Criminal Investigation Bureau at 313-596-1340 or Crime Stoppers at 1-800-SPEAK-UP. You can also submit a tip online at www.1800speakup.org, or text “CSM” and your tip to CRIMES (274637).
Last Updated on Wednesday, 24 October 2012 09:44
Category: Breaking News Written by WWJ
MIDLAND — The Dow Chemical Co. will eliminate about 2,400 jobs and close roughly 20 manufacturing plants as part of a restructuring aimed at coping with slowing economic growth in Europe and elsewhere.
The manufacturing giant said Tuesday that the job cuts amount to 5 percent of the company’s workforce worldwide.
Dow expects the strategy will result in roughly $500 million in annual cost savings by the end of 2014.
The company also plans to slash capital spending and investments. It expects that will save an additional $500 million.
All told, Dow anticipates it will save $2.5 billion, including other cost-cutting measures.
Dow produces materials used in nearly every business sector and region of the world, leaving it exposed to shifts in global economic growth.
The company’s business has been hurt by Europe’s debt crisis and slower growth in China. Manufacturers, construction businesses and some transportation customers have reduced demand for Dow products. The company’s coatings and materials for electronic devices also have been weak.
“The reality is we are operating in a slow-growth environment in the near-term and, while these actions are difficult, they demonstrate our resolve to tightly manage operations particularly in Europe and mitigate the impact of current market dynamics,” Andrew Liveris, Dow’s chairman and CEO, said in a statement.
Over the next two years, Dow plans to close certain manufacturing facilities in the U.S., Belgium, The Netherlands, Spain, the United Kingdom and Japan.
The company projects it will book between 50 and 60 cents per share in charges related to the restructuring in the fourth quarter of this year. That includes a write-down of assets related to its Dow Kokam LLC joint venture — a move the company is making due to weak global demand for lithium-ion batteries.
Despite the sweeping cost reductions, Dow plans to continue to invest in areas where it believes that it can clearly expand its profit margins. Those include Dow AgroSciences, Dow Electronic Materials and its Sadara and U.S. Gulf Coast investments.
“Taken on the whole, Dow’s strategy remains intact, and our long-term growth fundamentals are strong,” Liveris said.
Later Tuesday night, Dow reported net income of $497 million or 42 cents a share in the third quarter ended Sept. 30, down from $815 million or 69 cents a share a year earlier. Revenue was $13.64 billion, down from $15.11 billion a year earlier.
Electronic and Functional Materials
Sales in Electronic and Functional Materials were $1.1 billion, down 8 percent from the same quarter last year as price declined 5 percent and volume declined 3 percent. The electronics sector continued to grow at a lower-than-forecasted rate, driving sales declines within Dow Electronic Materials. Semiconductor Technologies recorded flat sales, as a modest volume increase was offset by price declines. Interconnect Technologies sales decreased as a result of weak demand and pricing for metallization in all regions.
Functional Materials revenue declined overall as global uncertainty dampened sales. Dow Home and Personal Care reported sales decreases due to continued weakness with global brand owners. Strength in the energy sector drove volume gains in nearly all regions for Dow Microbial Control. However, these gains were offset by volume declines in North America due to lower rig counts, combined with overall price decline, which resulted in flat sales for the business.
Equity earnings for the segment were $27 million, up from $23 million versus the year-ago period. EBITDA was $273 million, compared with $306 million in the same period last year.
Coatings and Infrastructure Solutions
Coatings and Infrastructure Solutions sales were $1.7 billion, down 9 percent compared with the same period last year. Volume was up 1 percent versus the prior year, while price declined 10 percent.
Dow Coating Materials reported decreased sales as a result of declining prices. These declines were partially offset by volume gains in nearly all regions, boosted by demand growth in Industrial Coatings, with strength in traffic paint and paper coating applications. Weak pricing in epoxy-based products continued to hamper sales and profitability. Dow Building and Construction experienced volume declines as a result of actions taken within the quarter to improve profitability, particularly in Europe. The business commercialized an award-winning Polymeric Flame Retardant, an innovative response to local regulations. Dow Water and Process Solutions sales declined primarily due to weakening sales in Asia Pacific, particularly in China. In addition, the business posted a profitability decline due in part to higher comparables in the year-ago period associated with the realization of insurance claims for its operations in Soma, Japan.
Equity earnings were $29 million, down from $72 million in the same period last year. The decline was driven by Dow Corning as a result of ongoing weakness in the polysilicon value chain. EBITDA for the segment was $246 million. This compares with EBITDA of $372 million in the year-ago period.
Agricultural Sciences reported record third quarter sales of $1.3 billion, up 8 percent versus the same period last year. Volume increased 7 percent and price rose 1 percent. Double-digit sales and volume gains were reported in both North America and Latin America. The segment continues to benefit from solid industry fundamentals, with elevated farm income levels providing strong incentive for farmers to maximize yields.
Crop Protection reported sales growth of 6 percent, driven by significant volume and sales gains in Latin America, as well as continued adoption of new products. Seeds, Traits and Oils reported a 21 percent sales increase as a result of the introduction and ramp-up of new technologies.
Year to date, new Crop Protection molecules are up 21 percent, led by spinetoram insecticide, aminopyralid herbicide and pyroxsulam herbicide. Seeds, Traits and Oils has achieved strong growth through the third quarter in key crops, including corn, soybeans, healthy oils, and cotton. Strong customer and channel support fueled gains for SmartStax®corn hybrids.
EBITDA for the segment was $63 million, compared with $75 million in the year-ago period, due to continued investments in growth.
Sales in Performance Materials were $3.4 billion, down 8 percent versus the year-ago period, or 7 percent on an adjusted basis. Volume increased 4 percent and price declined 11 percent on an adjusted basis compared to the same period last year. The segment reported volume growth in nearly all geographic areas, excluding Latin America, where declines were driven primarily by the shutdown of toluene diisocyanate capacity in Brazil.
Polyurethanes reported demand growth in Asia Pacific driven by new propylene oxide capacity in Thailand. These volume gains more than offset the price declines in Asia Pacific. Dow Oil and Gas reported double-digit sales gains fueled by strong sector fundamentals in both exploration and production, and refining and processing. Dow Formulated Systems experienced volume growth in nearly all geographic areas. However, this was offset by price declines primarily in Europe, Middle East and Africa (EMEA). Polyglycols, Surfactants and Fluids reported both price and volume declines, as sales growth in Asia Pacific and Latin America was more than offset by declines in North America and EMEA.
Equity losses were $30 million, versus a loss of $11 million in the same period last year. EBITDA for the segment was $491 million, compared with EBITDA of $478 million in the year-ago period. The increase was driven by volume growth and margin expansion.
Sales in Performance Plastics were $3.5 billion. Sales declined 15 percent, or 5 percent on an adjusted basis. The segment posted a 5 percent increase in volume on the same basis, with gains in all geographic areas. However, these gains were offset by a 10 percent decline in price.
Dow Elastomers reported sales gains driven by double-digit volume growth. NORDELTM achieved record volume in the quarter due to strong customer demand. Dow Performance Packaging recorded volume gains in all geographic areas led by Asia Pacific and North America. Despite achieving price increases throughout the quarter, the business reported overall price declines compared with the year-ago period.
Dow Electrical and Telecommunications sales were up versus the year-ago period, with large volume gains recorded in Asia-Pacific. Dow Hygiene and Medical sales rose, fueled by volume gains in EMEA, Asia Pacific, and Latin America, supported by strong customer demand for ASPUN Fiber Grade Resins.
Equity earnings were $28 million, compared with $150 million, or $64 million excluding certain items in the year-ago period. EBITDA for the segment was $737 million, compared with $834 million, or $748 million excluding certain items in the year-ago period. Lower-cost feedstocks continued to drive higher margins in North America and Latin America. This positive impact was partially offset by naphtha-based margin pressure in Europe and Asia Pacific.
Feedstocks and Energy
Sales in Feedstocks and Energy were $2.5 billion, down 13 percent versus the same period last year. Volume decreased 1 percent and price declined 12 percent. Lower sales in the Chlor-Alkali/Chlor-Vinyl business were driven by price declines resulting from weak polyvinyl chloride (PVC) market fundamentals. The year-ago shutdown of the Company’s vinyl chloride monomer (VCM) asset in Louisiana drove volume declines in the business. Caustic soda reported strong year-over-year demand growth for the fourth consecutive quarter. However, this was more than offset by price declines in all geographic areas. Ethylene Oxide/ Ethylene Glycol maximized asset utilization, resulting in volume growth, while weakening global ethylene glycol dynamics drove sales and price declines.
Equity Earnings were $123 million, down from $153 million from the same period last year. Equity earnings were unfavorably impacted by a production outage at EQUATE during the quarter. EBITDA for the segment was $200 million, compared with $263 million in the same period last year.
“Dow’s results this quarter demonstrate the acceleration and delivery of our cost reduction actions,” Liveris said. “We focused on execution and intervened to protect our prioritized growth path. Our low-cost feedstock advantage enabled us to deliver volume growth – despite weakening demand. And we have delivered improvements in operating cash flow through our disciplined approach. The purposeful actions we announced earlier this year are gaining momentum, and will be bolstered by our new, streamlined operating model. Further, with today’s restructuring announcement, we now have a full array of aggressive cash generation measures in place, with tight controls on working capital, and reductions in costs and capital expenditures — particularly in Europe — and by strict and firm prioritization of our growth projects. Moving forward, Dow is squarely focused on driving cost efficiencies, generating cash and earnings growth.”
Last Updated on Wednesday, 24 October 2012 09:38
Category: News Briefs Written by WWJ
DETROIT (WWJ) – A huge boost for the arts in Detroit as the Knight Foundation has announced $19.25 million investment in the arts here.
More than ten million is going to seven arts institutions, including: the DIA, the DSO, the Charles Wright Museum of African American History, and the Michigan Opera Theatre.
Reception for the announcement of the $19.25 Knight Foundation investment in Detroit arts.
“I have been very impressed with the resilience of these significant art institutions in Detroit, despite the financial times that everybody has struggled with over the last four or five years,” said Dennis School vice-president of the arts of the Knight Foundation.
“The Detroit institutions have been strong and they have spent a lot of time with audience engagement.”
Scholl, who says the foundation is also committing another nine million dollars over the next three years for a contest to find and fund the best arts ideas.
The grantees are:
Arab American National Museum
Charles H. Wright Museum of African American History
Detroit Institute of Arts
Detroit School of Arts
Detroit Symphony Orchestra
Michigan Opera Theatre
Find more information, here.
Last Updated on Wednesday, 24 October 2012 09:30
Category: Breaking News Written by WWJ
DEARBORN — (WWJ) Ford, which expects to lose a billion dollars in Europe this year, says it’s shutting its assembly plant in Genk, Belgium. The plant employs 4300 people directly, and has as many as 5000 subcontractors.
“The proposed restructuring of our European manufacturing operations is a fundamental part of our plan to strengthen Ford’s business in Europe and to return to profitable growth,” said Stephen Odell, chairman and CEO, Ford of Europe.
The closing is expected to be finalized by 2014. Exact details have to be negotiated with Ford’s unions in Europe.
“We understand the impact this potential action would have on our work force in Genk, their families, our suppliers and the local communities,” said Odell. “We fully recognize and accept our social responsibilities in this difficult situation and, if the restructuring plan is confirmed, we will ensure that we put in place measures and support to lessen the impact for all employees affected.”
The Genk plant builds the Mondeo mid size car, which is similar to the Fusion in the U.S., as well as several SUV’s; The S-MAX, C-MAX and Galaxy. Production will be shifted to Ford plants in Valencia Spain and Saarlouis, Germany.
The closing of the Genk plant is part of an overall turnaround plan that Ford executives will outline on Thursday morning.
Ford and other carmakers say they have to deal with serious overcapacity issues in Europe, where sales are at 20 year lows. Economic problems in Europe have caused vehicle demand to drop 20 percent since 2007.
Ford is scheduled to reveal its third quarter financial report next Tuesday. While it’s expected to make money, it’s European operations are expected to post more big losses.
Last Updated on Wednesday, 24 October 2012 09:30
Category: News Briefs Written by WWJ
DETROIT (WWJ) - One of Detroit’s biggest fans, figuratively speaking, is now sporting the Old English D.
The Spirit of Detroit statue was fitted with one of the largest Detroit Tigers jerseys known to man Wednesday morning ahead of Game 1 of the World Series in San Francisco.
Theodore Jackson was among several fans snapping pictures of the 26-foot-tall bronze statue who tried to guess the size of the giant jersey.
“I’m guessing it’s probably a 16-X or something like that,” Jackson said laughing. “You know, something you couldn’t get at the normal big and tall.”
Nicholas Grunas was happy to see the jersey on the statue, but wondered why it didn’t go up earlier, say, at the start of the postseason.
“The earlier the better I think. It just gives something for Detroiters to come and take a picture of. With all the bad stuff going on in this city, it’s just something nice for us, you know, we deserve it,” said Grunas.
The team is footing the $8,000 bill for the jersey, which includes insurance, security and other related costs.
The Tigers play the first two games on the road against the San Francisco Giants before returning home for Saturday’s Game 3 at Comerica Park.
Last Updated on Wednesday, 24 October 2012 09:24
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