Ford Motor Company (NYSE: F), a United States-based automaker, has confirmed that it is to close two more European plants in addition to its Genk, Belgium, plant.
The automaker had earlier announced the closure of the Genk plant by 2014, and two other plants, Southampton and Dagenham, in the United Kingdom will also be closed.
According to the automaker, the three plant closures will decrease its European capacity by 18 percent. This move is likely to save the automaker between $450m and $500m per annum.
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