Ford to record $650 million charge for shutting down South Wales plant
Ford Motor Co. F, -1.41% disclosed Thursday that it expects to take a $650 million charge, as a result of its decision to exit the Ford Bridgend Engine Plant in South Wales. Ford’s stock slipped 0.7% in premarket trade. The plant will cease production during 2020. About $400 million of the charges will be paid in cash, primarily as separation and termination payments for employees, and about $250 million in charges will be non-cash and include pension expense. Most of the charges will be recorded in 2019. The stock has rallied 27.8% year to date through Wednesday, while the S&P 500 SPX, +0.82% has gained 12.7%.
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