as much a sign ... as

[Ofriendragon]

Ford’s announcement this week that it would cut up to 30.000 jobs by 2012 was as much a sign of its “legacy” health–care costs as of the ills of the car industry.

Could plese explain the structure of the underlined part for me, especially the three of's ? The underlined part seems to me like :

as much a sign of A ... as of B of C, now remove of A and of C:

as much a sign ... as of B , ------> as much a sign ... as of ills <---- Is the of (before ills ) used wrong?I'm totally confused.

Looking forward to your kind help.

Thank you in advance.

[Mister Micawber]

.
Well your arrows and phrases confuse me. The meaning/structure is:

AS MUCH a sign OF its healthcare's costs AS OF the industry's ills.

Does that help?
.
_________________
Native English teacher at Mister Micawber's

[Ofriendragon]

Thank you, Mister Micawber.

Do you mean I should understand it like this?
AS MUCH a sign OF its healthcare's costs AS (a sign) OF the industry's ills.

[Mister Micawber]

.
Yes, that's right.
.
_________________
Native English teacher at Mister Micawber's

[Ofriendragon]

Thank you!