After half a century and some 14 million units built, Ford closes one of its largest plants, located in the Belgian city of Genk, with manufacturing of the Mondeo, S-Max and Galaxy shifting to Valencia instead.
According to a report from Reuters, Ford is shelling out $750 million in a severance deal that will see the automaker close its facility in Genk, Belgium. The automaker reached this deal with the 4,000 hourly workers employed at the plant last week, which means the company will pay out an average of $187,500 per worker.
The latest development in this ongoing saga that is the European economic crunch is word that Ford will shutter production of its Genk Assembly Plant in Belgium, eliminating some 4,300 positions. Ford could potentially reduce costs by $300 to $500 million annually as a resulting of closing the production facility. The Genk plant currently produces the Mondeo, S-MAX and Galaxy vehicles. Assembly of these vehicles would cease at the plant by the end of 2014.