Ford to pay US$495 million to Brazilian state of Bahia -report

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.

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 read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?