September 3, 2019 / 7:26 PM / a month ago

Brazilian automaker CAOA signs preliminary agreement to buy Ford plant

SAO PAULO, Sept 3 (Reuters) - Brazilian automaker CAOA has reached a preliminary agreement, pending due diligence, to buy Ford Motor Co’s oldest plant in Brazil, which the U.S. automaker will close by year’s end as part of a global restructuring, the companies said on Tuesday.

Brazil has long attracted the world’s biggest automakers to set up shop here, but CAOA is the rare carmaker that is actually domestically owned. It has struck deals to make cars for Korea’s Hyundai and co-owns China’s Chery operation in Brazil, whose cars now are branded as CAOA Chery.

The plant that CAOA is buying from Ford is in Sao Bernardo do Campo. (Reporting by Marcelo Rochabrun; Editing by David Gregorio)

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