Ford Sees $4.1 Billion Charge on Three Brazil Plant Closures
- Automaker to cut 5,000 jobs to stem red ink in South America
- CEO calls latest restructuring move ‘difficult, but necessary’
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Ford Motor Co. is ceasing manufacturing operations in Brazil after more than 100 years of building cars in the country as part of a restructuring that will eliminate 5,000 jobs and result in about a $4.1 billion charge.
The automaker said Monday it will close two factories in Brazil immediately and a third by the end of the year, ending sales of three locally made models: the Ecosport, Ka and T4. The job losses are mostly in Brazil but also include workers in Argentina, it said.