Ford to pay $1.2bn for closing European plants

Car manufacturer Ford has said in an official statement that closing its plants in Genk, Southampton and Dagenham would cost US$1.2bn (€900m). In the press release, the Ford Motor Company states that US419m (€316m) had been released in the second quarter for the implementation of social plans in Belgium and British. US$800m (€605m) will be released by the end of 2013. By the end of 2014, Ford will have paid a total of US$ 1.2bn (€900m) towards social plans in Europe; four months ago, Ford had estimated the costs at US$750m (€590m).