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
-
GFA launches maiden FIFA U15 Girls Regional Colts Leagues
9 minutes -
Father jailed 10 years for defilement and incest
37 minutes -
Gov’t increases quarterly adjudication allowance for chiefs from GH¢30,000 to GH¢50,000
48 minutes -
Three suspects, including a well-known drug dealer, arrested in Tamale-Yendi by police
2 hours -
China no longer Pentagon’s top security priority
2 hours -
TikTok US venture to collect precise user location data
3 hours -
High Court injunction seeks to cripple Ghana Law Society over illegal licensing claims
3 hours -
CSA cracks down on unlicensed cybersecurity providers; Sanctions begin Jan 31
3 hours -
Dr. Nyaho-Tamakloe blasts NPP’s top-down rebuilding strategy
3 hours -
UniMAC mourns student killed in hit-and-run near South Legon campus
4 hours -
Single company contracted by DVLA to produce number plates joins suit blocking introduction of new number plates as defendant
4 hours -
Access Bank and IFC seal $134 million cocoa sector risk-sharing deal
4 hours -
Bawumia tipped to win NPP primary with 57% – Global InfoAnalytics final poll
5 hours -
Manhunt for Gomoa Potsin herdsman after Kasoa election day gunman confesses
6 hours -
Achimota Retail Centre braces for Day 2 of ‘Joy At The Mall’ after Day 1 extravaganza
6 hours
