Ford Motor Company announced major cuts on Friday. The company plans to cut more than 10,000 salaried employees, offer buyouts to all of its U.S. hourly workers, and shut down two more plants in an effort to become profitable once again. "The company said in a news release that it would shutter a stamping plant in Maumee, Ohio, in 2008 and engine plant in Essex, Ontario, in 2007. That is in addition to previous plans for 14 plant closures. In addition, Ford said an assembly plant in Norfolk, Va., will close in 2007, a year earlier than previously announced and will see a shift reduction in January. Also, an assembly plan in St. Paul, Minn., which is scheduled to close in 2008, will have a shift reduction in 2007. Ford said it would complete its cuts of 25,000 to 30,000 hourly jobs by the end of this year. The combined 14,000 job cuts represents about a third of Ford's North American white-collar work force. By 2008, North American factory capacity will be reduced by 26 percent compared to 2005 levels, Ford said in the release." The full article will be available on the Web for a limited time: http://abcnews.go.com/Business/print?id=2448123 Pam