4,000 Ford factory workers in Genk, Belgium will receive 750M USD in severance as part of a deal for closing the plant.

4,000 Ford factory workers in Genk, Belgium will receive 750M USD in severance as part of a deal for closing the plant.

The Blue Oval company will close the factory by the end of next year and they will have to pay 750M USD which results in an average of 187,500 USD per worker. Negotiations between Ford and the 300 salaried workers over severance have begun, according to Ford's regulatory filling.

The company is anticipating a two billion loss in Europe this year due to a significant decrease of new car demand. According to industry figures posted on Tuesday, February's sales were the worst in the last 23 years. To limit losses as much as possible, Ford mentioned last October they will shut down three factories in Europe (Genk, Southampton and Dagenham) which will result in an 18 percent production capacity decrease.

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