Audio By Carbonatix
US carmaker Ford announced Monday it would cease production in Brazil and close its three remaining plants there after more than 100 years of operating in the country.
Ford has had consecutive losses in recent years, which will lead to pre-tax write-downs of around 4.1 billion dollars, the company said.
Chief executive Jim Farley said it was a "very difficult but necessary" decision.
Brazil's Economic Ministry said it regretted Ford's decision, which it said was at odds with the strong recovery seen in most of the country's industrial sectors.
Thousands of employees are affected, according to a report by Brazilian news site G1.
The plants in Camacari in the state of Bahia and Taubate in the state of Sao Paulo are to be closed immediately, while production at the Troller subsidiary in Horizonte in the state of Ceara is to continue for a few months.
The metalworkers' unions of Taubate and Camacari called for demonstrations on Tuesday.
Ford has had difficulties internationally for some time and recently only made profits in its US home market.
In addition to Europe, South America is a major problem area for the US company, with an operating loss of 108 million dollars in the last quarter.
The company celebrated 100 years of operations in Brazil in 2019.
Latest Stories
-
Barcelona move a dream for Gordon ‘since he was three’
45 minutes -
US judge orders Trump’s name be removed from Kennedy Center
48 minutes -
Multiple artists drop out of US Freedom 250 concert
59 minutes -
Trump holds meeting to make ‘final determination’ on Iran deal
1 hour -
All 6 MPC members voted for policy rate hold of 14%, citing inflation outlook concerns
1 hour -
Arsenal’s Timber fit to start Champions League final
2 hours -
Real Madrid named football’s most valuable club
3 hours -
The Visionary Rhythms Band to share their story on E Vibes this weekend
3 hours -
Nana Ajoa Amowah II distributes sanitary pads; champions fight against menstrual stigma
3 hours -
Newsfile to discuss NITA Bill, xenophobia concerns and 2023 African Games
3 hours -
Ghana farmers’ burning practices fuel growing air pollution and environmental crises
3 hours -
Unrivalled thrills, unmissable action: An epic sporting weekend
3 hours -
Mfantsipim launches 150th Anniversary Awards and Fundraising Dinner
3 hours -
TreeAid Ghana in partnership with Nviron Hive launch land restoration and livelihood project
4 hours -
Ashanti Region GJA urges journalists to protect ethics and public trust above politics
4 hours