Ford Motor Co is considering closing two plants in Russia as part of its global ...
MOSCOW - Ford Motor Co is considering closing two plants in Russia as part of its global plan to restructure operations in unprofitable regions, three industry sources told Reuters.
After running up fourth-quarter losses in all regions outside North America, Ford is making cuts in Europe, closing down vehicle lines in South America and laying off thousands of workers in China. Two additional sources - a regional government official and a manager at another Russian automobile company - said Ford was considering closing the Tatarstan plant.Ford is incurring heavy losses from its operations in Russia, two sources familiar with the situation told Reuters.
All five sources said this plant would remain open, but one of the sources said that the plant would continue producing only the Ford Transit model, a light commercial vehicle.Ford was the first international carmaker to launch vehicle assembly in Russia, opening a plant in St Petersburg in 2002. In 2011, it set up a joint venture with Sollers, and the venture took out a 39 billion rouble loan from Russian bank Vnesheconombank .
Ford and Sollers each hold a 50 percent stake, but Ford has controlled the business since buying up preferred shares.
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