Ford to close assembly plant in Philippines
U.S. carmaker Ford Motor Co. says it will close its 13-year-old assembly plant in the Philippines at the end of the year.
Ford Group Philippines president Randy Krieger says the company "could not make a strong enough business case for future manufacturing" in the Philippines.
The plant has exported over 80,000 vehicles since 2002.
About 250 workers will be affected. The plant will close after the last Ford Escape SUV rolls out in December.
Ford closed its original Philippine assembly plant in 1983 and reopened a new plant in 1999 citing improved political stability.
- Apple's Cook faces Senate questions on taxes
- Rome Protest Turns Up Heat On New PM Letta
- How serious is the financial damage in Europe?
- Barroso: France needs credible reform plan
- Fitch upgrades Greece's credit rating
- G7 says Japan playing by currency rules
- Senate Passes Internet Sales Tax Bill
- Senate Votes on Marketplace Fairness Act
- EU Leaders To Look At Energy Costs In Post-Shale World
- 165,000 Jobs Added, Jobless Rate-7.5%