Ford Reports $6.6B Profit, Workers To Get Big Bonuses

CHICAGO (STMW) - Despite a disappointing final quarter of the year, Ford Motor Co. on Friday reported a $6.6 billion profit for the full year — more than double its profits in 2009 — resulting in the biggest profit-sharing payouts to union workers in 10 years.

The payouts, which began in 1982 after negotiations with the United Auto Workers union, will land in workers' mailboxes or bank accounts starting March 9, a Ford spokeswoman said.

Ford employs 42,000 hourly UAW workers nationwide, including 2,400 at the Ford assembly plant on Chicago's Southeast Side and 740 at the stamping plant in south suburban Chicago Heights.

Workers at the assembly plant at 126th and Torrence said Friday they were happy to get the money and even happier to be working for a successful company.

"Looks-wise, fuel-wise and performance-wise, it looks like we've turned the corner," said Matt Krudup, a 12-year Ford veteran who works in the trim section.

Another worker who had been laid off and was called back in November said Ford has corrected its mistakes.

"For too long they were relying on their reputation and let their car line go. Now they've invested in their car line and their quality has surpassed Toyota," the worker said. "Whether I'm here or not I'm glad to see that Ford is doing well. It's a good feeling."

The payouts are based on an employee's base wage and eligible hours worked. The amounts vary because some hourly workers are full-time and others, called long-term supplemental, are considered temporary, the Ford spokeswoman said.

But the average full-time hourly worker's payment will be $5,000.

The full-time hourly wage rate is about $28, compared with the supplemental worker's $15.

The payout is welcome news for workers after years of paltry or no profit-sharing because Ford was operating in the red. Ford's fourth-quarter results were hurt by worse-than-expected sales in Europe and $1 billion in costs to launch new models in Europe and North America.

Neil Bosanko, executive director of the South Chicago Chamber of Commerce, said of the impact of the $5,000 payments, "People are living from check to check, quite honestly, and this will probably help them catch up with some bills from Christmas and the holidays."

In better days, people would be putting that money in savings accounts, Bosanko said.

"I don't think people have the luxury of doing that anymore," he said.

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