Ford to wind down finance businesses in Argentina, Brazil

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

June 28 (Reuters) - Ford Motor Co (F.N) 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://bit.ly/3dGEayr)

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. read more

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Reporting by Shreyasee Raj; Editing by Ramakrishnan M.

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