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Ford Motor Company announced Monday that it will close its production operations in Brazil in 2021 as part of a restructuring plan in the region.
The measure should impact the company about $ 4.1 billion and affect about 5,000 workers, according to Bloomberg. "We know that these actions are very difficult, but necessary, to create a healthy and sustainable business," Ford President Jim Farley was quoted as saying in a company statement.
Production will cease "immediately" at the Camacari and Taubaté plants, although they will continue to supply parts "for several months to support inventories," while another plant in Horizonte will continue to operate until the fourth quarter of 2021, the company reported.
The manufacturer stressed that the production operations in Argentina and Uruguay and the sales companies in other markets in the region are not affected by these decisions.
The restructuring announced today is part of a comprehensive $ 11 billion global plan started by former Ford executive Jim Hackett that seeks to improve earnings and liquidity.