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The Journal Gazette

Wednesday, October 04, 2017 1:00 am

Briefs

Ford plans to cut costs by billions

Staff, news services

DETROIT – Ford Motor Co.'s new CEO says the company plans to cut billions in costs and focus its resources on developing trucks, SUVs and electric vehicles as part of a renewed effort to win over skeptical investors.

Jim Hackett, who became Ford's CEO in May, was meeting with about 100 investors in New York Tuesday afternoon to lay out his plans for the future. Hackett and his executive team spent the summer re-evaluating Ford's operations after former CEO Mark Fields was ousted.

Ford says it can reduce material costs by $10 billion by 2022 through new deals with suppliers and less complexity in its designs. The company plans to share more parts between cars and reduce options.

Match expected in holiday sales growth

With stores closing and retailers filing for bankruptcy, a trade group says it still expects holiday sales to at least match the 3.6 percent growth of a year ago, as online shopping keeps increasing and improving wages might put people in a mood to spend.

The National Retail Federation said Tuesday it expects sales in November and December to rise 3.6 percent to 4 percent, to a range of $678.75 billion to $682 billion. It's the first time the group forecast in a range rather than by a fixed percentage, because the impact of several big hurricanes is still uncertain.

Do it Best 12th on co-op earnings list

Fort Wayne-based Do it Best Corp. earned 12th place on a list of cooperatives nationally, based on 2016 revenue.

The National Cooperative Bank released its annual NCB Co-op 100, listing the nation's top 100 revenue-earning cooperative businesses. The report showed Do-it-Best with $3.0 billion reported in revenue.

“The economic impact of cooperatives is critical to our economy,” Charles E. Snyder, president and CEO of National Cooperative Bank, said in a news release.

“Cooperatives can be seen in just about every industry across America, including local food, finance, housing and energy. Whether its bringing fresh local food through a food co-op or affordable home ownership through a housing cooperative, cooperatives help strengthen communities.”