DEARBORN (WKZO) -- In an effort to reduce costs in Europe, Ford Motor Company has announced the elimination of several hundred salaried jobs.

A buyout program is being offered by the automaker which is expecting to lose as much as one-billion dollars in Europe this year.  Sales there contribute about one-quarter of Ford's overall revenue world wide.

The company's third quarter financial numbers are expected to be released  next month.  The total number of jobs has not been determined as the company begins with voluntary buyouts for employees.