On account of reduced demand and uncertain market prospects throughout Europe, Ford has decided to close down its underutilized Genk Plant in Belgium and to cease vehicle production by the end of 2014, which will lead to the loss of 4,300 jobs.
Ford, which is estimated to burn through more than $1billion this year in Europe, said that the move is part of a broader plan to restructure its local operations and help to address overcapacity issues curtailing from a more than 20 percent drop in total industry vehicle demand in Western Europe since 2007.
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