Business & Tech
Ford Motor Co. Plans Closure of Overseas Factory
The company will pay $750 million to hourly employees in order to close a Belgian plant in 2014.
The Ford Motor Company will close its overseas factory in Belgium next year, citing overproduction and low sales in Europe.
According to the Associated Press, the Dearborn-based manufacturer revealed Tuesday that it will will pay $750 million in separation benefits to hourly workers at its factory in Genk, Belgium.
Ford said the closure will result in the loss of about 4,300 jobs by the end of 2014. Production will be transfered to the company's plant in Valencia.
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