RIO DE JANEIRO, BRAZIL – Ford Motor will pay roughly R$2.5 billion (US$495 million) to the state of Bahia after deciding to close its plants in Brazil, newspaper O Estado de S. Paulo reported on Thursday.
The payment aims at reimbursing Bahia for all subsidies Ford has received since it opened a plant in the town of Camacari in 2001, the report added, citing sources familiar with the matter.
Ford did not immediately respond to a Reuters request for comment on the matter. The Estado newspaper said Ford declined to comment on the matter.
In January, Ford decided to close its three plants in Brazil and take pretax charges of about US$4.1 billion. Reuters in a report in May found Ford had spent almost US$12 billion in Brazil.
Source: Reuters