Shares of Ford Motor Co. ( NYSE:F )fell more than 6 per cent on Monday as the company announced layoffs and a new round of cost cutting. Ford shares closed down $1.16 to $17.78 US on the NYSE. Ford will cut about 600 hourly workers and 30 salaried staff by eliminating a shift at its pickup truck plant in Edison, New Jersey. The plant makes the Ford Ranger compact truck. The cuts, which take effect in early February of 2002, will trim annual production by 84,000 vehicles. The company also said it will stop making matching retirement plan contributions for 45,000 salaried employees in the United States, and will eliminate merit salary increase for its 2,200 top executives globally. Ford said it expects the cuts will help it save $300 million U.S. after taxes annually. "These plant and benefit actions, while painful for our employees, are necessary as we confront a serious situation," said chairman and CEO Bill Ford in a statement. "More tough decisions will follow in the months to come.