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Thursday, April 22, 2021

Ford Sells Brazil Plant Amid COVID-19 Crisis

US automaker Ford announced on Sunday afternoon it had closed the sale of one of its main factories in Brazil to asset manager FRAM Capital and civil construction and logistics firm Construtora Sao Jose.

US automaker Ford announced on Sunday afternoon it had closed the sale of one of its main factories in Brazil to asset manager FRAM Capital and civil construction and logistics firm Construtora Sao Jose. 

In a statement, Ford said it decided to take this step considering the way the COVID-19 crisis has been affecting the company. Ford didn’t disclose the price of its selling and didn’t give any detail about the deal with the two companies.

According to a CNN Business report, a previous deal to sell the Ford factory in Sao Bernardo Do Campo, which makes the poor-selling Ford Fiesta as well as numerous models of buses, to Brazilian automaker CAOA fell through in 2019. The US auto0maker subsequently announced it was pausing operations in the plant.

During an interview with Gustavo Alegre in NTN24’s Factor de Poder, political analyst William Carvalho said Ford’s decision “could be quite damaging for President Jair Bolsonaro considering the number of jobs that will be lost, in a moment where the pandemic is starting to increase unemployment.”

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