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    Ford closes its factories in Brazil and concentrates the production of cars in Argentina and Uruguay | Economy

    A Ford manufacturing facility in Bahia, Brazil, in July 2015.Paulo Fridman / Getty

    Ford introduced Monday that it’ll shut its three factories in Brazil this 12 months. The US firm justified the determination because of the impact of the covid-19 pandemic, which produced a marked underutilization of its put in capability in the South American large. The closure will have an effect on some 5,000 workers, most of them in three Brazilian cities, but in addition in Argentina, though the firm has not supplied additional particulars.

    Activity will stop instantly at Ford’s vegetation in Camaçari, in Bahia, and Taubaté, in the inside of São Paulo. Production of some components will proceed for a couple of months to keep up inventories for aftermarket gross sales. The Troller plant, in the metropolis of Horizonte, in Ceará, will proceed to function till the fourth quarter.

    “With greater than a century in South America and Brazil, we all know that these are very troublesome actions, however needed, to create a wholesome and sustainable enterprise,” stated the president and CEO of Ford, Jim Farley, this Monday.

    The firm has indicated that regardless of the cessation of production in the South American nation, it’s going to keep its product growth middle in the state of Bahia, in addition to its testing middle in Tatuí and its regional headquarters in São Paulo. The portfolio of electrified SUVs, vehicles and industrial automobiles will probably be provided from Argentina, Uruguay and different markets in the area, in keeping with the assertion.

    Ford’s departure is a defeat for the Brazilian authorities at a time of excessive unemployment (the price reached 14.2% final November, which signifies that some 14 million individuals are out of work) and after years in which the firm was the recipient of public subsidies to assist its permanence in the nation. By 2019, Ford had already closed its industrial complicated in Sao Bernardo do Campo, its oldest manufacturing facility in Brazil, affecting some 2,800 employees.

    Beyond the state of affairs of Ford, which has misplaced floor in the Brazilian market in current years, automobile gross sales have suffered a common drop of 26.2% in 2020, in keeping with the Brazilian Anfavea (National Association of Manufacturers of Motor Vehicles) because of the pandemic.

    The operation to depart Brazil will produce pre-tax prices of roughly 4,100 million {dollars} (3,369.7 million euros), of which 2,500 million (2,054 million euros) will influence the 2020 accounts and the remaining 1,600 million {dollars} (1,315 million euros) will probably be recorded in 2021. The prices will embody round 1,600 million {dollars} (1,315 million euros) of non-cash prices associated to the cancellation of sure accounts receivable from taxes and for episodes of depreciation and amortization. Remaining prices of roughly $ 2.5 billion (€ 2.054 billion) will probably be paid in money, primarily in 2021.

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