Ford to wind down finance businesses in Argentina, Brazil
Reuters
Published Jun 28, 2021 04:57PM ET
(Reuters) - Ford Motor (NYSE:F) 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://
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.
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Written By: Reuters
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