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
-
Alexandrova collapses on court amid 34C heat
1 hour -
Wolves striker Arokodare joins Ajax on loan
1 hour -
Cucurella gets tattoo of Spain coach De la Fuente
1 hour -
Grealish misses Man City tour despite training return
2 hours -
FIFA offers $40m if nations back controversial plan
2 hours -
Timber leaves Arsenal camp for groin check
2 hours -
FIFA opens disciplinary proceedings against Argentina
2 hours -
Is World Cup sell-off plan a step too far by Infantino?
2 hours -
Liverpool preparing opening bid for PSG’s Barcola
2 hours -
Henderson nears Chelsea move as Welbeck has medical
2 hours -
Supreme Court ruling unlikely to end monetisation of party primaries – Governance Expert
3 hours -
601 BECE candidates lose results after WAEC confirms exam malpractice
3 hours -
2,722 BECE results under investigation as WAEC cracks down on exam malpractice
3 hours -
CBG, Women of Africa Network open three-day conference to promote women-owned businesses
3 hours -
Women are key drivers of Ghana’s economic growth – CBG Managing Director
3 hours