Workers to get $9K in profit sharing

After a strong year of sales in 2016, area Ford workers can expect profit sharing checks of about $9,000 on March 9.

On Jan. 26, Ford announced its full-year and fourth-quarter financial results, which included fullyear net income of $4.6 billion.

That translates to good news for workers including about 1,600 people employed at Ford’s Ohio Assembly Plant in Avon Lake. The 3.7 million-square-foot plant opened in 1974 and currently makes Ford’s ESeries and F-650 and F-750 trucks.

The local workers are among 56,000 eligible hourly union workers who qualify for about $9,000 on a full-year basis, according to the company.

The profit sharing payments also will go to about 1,600 hourly workers at the Cleveland Engine Plant and about 1,200 hourly workers at the Lima Engine Plant, among others.

It is the second best profit sharing payments to workers in company history, according to Ford.

The car maker’s 2016 report did not mention the Ohio Assembly Plant by name.

Ford President and Chief Executive Officer Mark Fields noted the company had an adjusted pre-tax profit of $10.4 billion, the second best ever and second only to profit from 2015.

“This underscores the substantial progress we are making in expanding our business to be an auto and a mobility company,” Fields said in the company report.

“This year, we’re focused on building on our strengths, transforming underperforming parts of our business and investing in the emerging opportunities that will provide even more profitable growth in the future.”

This year Ford expects its North American segment to have an operating margin and profit that is “strong but lower than 2016, mainly due to unfavorable volume and mix and increased investments in emerging opportunities,” the report said.

Ford shareholders also shared in distributions worth $3.5 billion last year and Ford plans to provide another $2.8 billion to shareholders in 2017, said Bob Shanks, executive vice president and chief financial officer.

The financial report is available on media.ford. com.

Fields