6/6, 2:50 PM (Source: TeleTrader)
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Ford: Brexit not factor in plant closure

Brexit is not the reason behind the shutting down of Ford Motor Company's Bridgend factory, the company's European president Stewart Rowley said at a press conference on Thursday. Rowley added that the plant was going to be closed regardless of the United Kingdom's exit from the European Union.

He insisted that Ford plans on remaining in the UK and that Dagenham engine plans constitute a core part of the company's business. However, the European president noted that in case of a no-deal Brexit and a possible introduction of tariffs, Ford would have to reevaluate the business environment.

Ford confirmed earlier that it is closing the Bridgend engine plant in Wales, citing underutilization and cost disadvantage compared to other plants. Unions promised to fight the decision.

Breaking the News / VP