FORD is facing a bill of £1.07bn ($1.6bn) for closing its Dagenham(UK) plant. This bill also includes the restructuring of its European operations. The amount is larger than expected and it will come from second quarter profits.
The company is aiming to reach a point within five years where European operations are sustaining profitable growth. The plan in place to improve efficiency and reduce overcapacity.
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A further £1.53bn ($2.2bn) will be offset in the second quarter relating to the sale of Visteon. Visteon’s independence from Ford will allow both organizations to focus on their core businesses.
