Ford plans 20 new models, hundreds of jobs in Europe

Bloomberg News - Ford Motor Co. plans to roll out at least 20 new or upgraded models in Europe during the next three years as part of the U.S. carmaker's effort to boost sales in the region.

Ford will add "several hundred" jobs at a plant in Valencia, Spain, and 200 positions at two factories in Germany to underpin production plans, according to a statement Tuesday from the Dearborn-based company. Romania and Turkey also will benefit from the expansion.

"We have a full pipeline of exciting vehicles coming to market," Stephen Odell, chief executive officer of Ford's European division, said. "Now, we are taking the right actions to grow profitably in Europe."

Growth in Asia and increasing demand for small cars will boost Ford's global sales 50 percent to 8 million vehicles annually by 2015, the company said on June 7. The second-largest U.S. carmaker will cut debt by $2.6 billion in the second quarter, Chief Financial Officer Lewis Booth said.

The European expansion includes plans to build the next versions of the Transit Connect and Kuga vehicles at Valencia, Ford said. Production of the revamped Focus model and an electric-powered version at the Saarlouis, Germany, factory will require 150 new hires.

Ford shares closed at $13.43, up 29 cents, on the New York Stock Exchange Tuesday.