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Ford said today that it expects to save about $500 million annually from the concessions that United Auto Workers members approved to its 2007 national labor contract. The move will allow Ford to use stock to fund up to half of its obligations to retiree health care trusts.

Joe Hinrichs, Ford’s group vice president of global manufacturing and labor affairs said that the Dearborn automaker will close its Wayne Assembly Plant which is responsible for building the current version of the Ford Focus.

Hinrichs said that Ford plans to build the next-generation Focus at its Michigan Truck Plant. Production at the Michigan Truck Plant was ceased last year. The plant for responsible for building the Lincoln Navigator and the Ford Expedition.

While there will be no job losses due to the plant closure, Ford is offering new buyouts to hourly workers.

Source: Detroit Free Press

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