Ford to wind down finance businesses in Argentina, Brazil

Ford Motor Co (F.N) said on Monday its financial services arm, Ford Credit, would wind down operations in Brazil and Argentina and take a non-cash charge of up to $375 million.

Ford said it expects most of these losses, which include $365 million related to foreign currency, to be recognized in 2021, though the timing for the completion of the shutdown is uncertain.

The company said it would pay about $10 million in cash for employee separations.

Earlier this month, media reports said Ford would pay roughly 2.5 billion reais ($495 million) to the state of Bahia after deciding to close its plants in Brazil.