Ford Motor Co. will close 14 plants, including seven assembly sites, by 2012 and reduce its vehicle production capacity by 1.2 million units – 26% – before 2009. At the same time, the auto maker "is planning a new low-cost manufacturing site for the future," Chairman and CEO Bill Ford says. Ford makes the announcement today as a keystone of its Way Forward restructuring effort, which is designed to boost the auto maker’s financial performance through cost-cutting and improved ...

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