Ford of Europe is looking to cut hundreds of managerial jobs and phase out less profitable models as it seeks to improve profit margins there.

The company said in a statement Wednesday that it was offering a "voluntary separation program" aimed at cutting administrative expenses and to save an additional $200 million annually.

The job cutbacks will hit Ford's roughly 10,000 managers, mostly in Germany and Britain. The company says the numbers depend on how many people accept separation offers, but that several hundred are expected to.

The company also said it would introduce new vehicles to Europe this year such as the Edge SUV and the Focus RS, a higher performance version of the familiar compact.

Ford returned to profit in Europe in 2015, making $259 million pre-tax.