Ford to wind down finance businesses in Argentina, Brazil
4:57 pm Monday, June 28th, 2021
(Reuters) – Ford Motor Co said on Monday its financial services arm, Ford Credit, would wind down operations in Brazil and Argentina and take a non-cash charge of up to $375 million.
Ford said it expects most of these losses, which include $365 million related to foreign currency, to be recognized in 2021, though the timing for the completion of the shutdown is uncertain. (https://bit.ly/3dGEayr)
The company said it would pay about $10 million in cash for employee separations.
Earlier this month, media reports said Ford would pay roughly 2.5 billion reais ($495 million) to the state of Bahia after deciding to close its plants in Brazil.
(Reporting by Shreyasee Raj; Editing by Ramakrishnan M.)
