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Brazil’s CAOA May Buy Ford Factory
CAOA—the Brazilian carmaker, Ford dealer and importer of Hyundai and Subaru vehicles—has reached a tentative deal to buy Ford Motor Co.’s assembly plant in Sao Bernardo do Campo, Reuters reports.
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CAOA—the Brazilian carmaker, Ford dealer and importer of Hyundai and Subaru vehicles—has reached a tentative deal to buy Ford Motor Co.’s assembly plant in Sao Bernardo do Campo, Reuters reports.
Terms were not divulged. Nor did CAOA, whose name derives from the initials of founder Carlos Alberto de Oliveira Andrade, indicate what it plans to produce at the factory.
Ford announced in February that it was closing the facility this year and exiting Brazil’s heavy-duty commercial truck market. The factory, which opened in 1967, is the oldest auto plant in Brazil. The complex has produced a wide variety of cars and trucks, most recently Fiesta small cars and F-350 and F4000 trucks.
Ford’s shutdown this year is eliminating roughly 2,700 jobs. CAOA says it told the plant’s unionized workforce that it intends to hire 800 of those employees, pending incentives from the state of Sao Paulo.
Retained workers will be paid as much as 80% of the wages they earned under Ford’s management, according to union President Wagner Santana.
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