Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Ford to pay $495 million to Brazilian state of Bahia - report

Published 06/17/2021, 07:06 AM
Updated 06/17/2021, 07:11 AM
© Reuters. FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

SAO PAULO (Reuters) - Ford Motor (NYSE:F) will pay roughly 2.5 billion reais ($495 million) to the state of Bahia after deciding to close its plants in Brazil, newspaper O Estado de S. Paulo reported on Thursday.

The payment aims at reimburse Bahia for all subsidies Ford has received since it opened a plant in the town of Camacari in 2001, the report added, citing sources familiar with the matter.

Ford did not immediately respond to a Reuters request for comment on the matter. The Estado newspaper said Ford declined to comment on the matter.

In January, Ford decided to close its three plants in Brazil and take pretax charges of about $4.1 billion. Reuters in a report in May found Ford had spent almost $12 billion in Brazil.

($1 = 5.0545 reais)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.