Brazilian automaker CAOA reached an initial agreement to buy Ford Motor Co'...
SAO PAULO - Brazilian automaker CAOA reached an initial agreement to buy Ford Motor Co’s plant in Sao Bernardo do Campo, the companies said on Tuesday, but CAOA could slash 1,300 jobs, according to the union representing the plant’s workers.
CAOA and Ford have been negotiating the purchase since late February, Reuters reported at the time, when Sao Paulo state Governor Joao Doria rushed to find a buyer for the plant in a push to keep jobs in the city. At the news conference, Doria said a decision on how many jobs will be kept can only be made once Ford and CAOA close the sale, which is set to go through a 45-day due diligence process.
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