Downturn In Car Market Hits Ford Europe

Ford’s European operation lost $35 million in 2000, compared with a $10 million operating profit in 1999, after a $1 billion restructuring charge partly related to the closure of car making facilities at Dagenham U.K. Henry Wallace, Ford’s new world-wide chief financial officer, said he was targeting a 1% return on sales in Europe and hoped to bring the Company’s European arm into profit this year.