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2/7, 5:35 PM (Source: TeleTrader)
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Ford to invest $1B in Chicago, makes cuts abroad

Ford Motor Company is planning to invest $1 billion in its plants close to Chicago in its efforts to expand manufacturing of the Ford Explorer and Lincoln Aviator sport utility vehicle (SUV) models, CNBC reported on Thursday. Additionally, the investment comes amid the company's plans to make cuts in its plants overseas on the sedans and sports models, the report said.

Ford also plans to add around 500 jobs in the Chicago-based facilities, to increase its workforce in the area to 5,800. The plants will go through major changes, with new body and paint shops being opened and an installment of a new manufacturing tools equipped with 3D printing and robots. Additionally, the company is investing around $40 million in employee facilities, including cafeteria renovations and new lighting.

Ford shares traded 4.70% below the flat line at 11:28 am ET.

Breaking the News / SS