Ford to close Belgian plant

US car giant Ford says it has started consultations on closing its plant at Genk in Belgium with the loss of 4,300 jobs to slash costs.

Last month, Ford warned of job cuts in Europe in response to weak sales.

Separately, it has been reported by the BBC that Ford was unwilling to confirm nor deny reports that it is to close its plant in Southampton, where it employs 500 people and makes the Transit van.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The company has been looking to lower its labour costs in the European region, where 25% of Ford's sales are earned.

CM