Ford says separation benefits at Genk Belgium facility to cost about $750M

In a regulatory filing, Ford said it recently completed negotiations with representatives of its hourly employees at the Genk facility regarding separation benefits, and the resulting proposal has been approved by a majority vote. Ford estimates the cost of these hourly employee separation benefits, subject to formal closure of the information and consultation process, to be about $750M, which will be cash expenditures. Ford added: "Negotiations are underway with employee representatives for salaried employees at our Genk facility regarding separation benefits. We will amortize the cost of employee separations over the remaining period the Genk facility will be in operation, with the amount each quarter dependent upon such factors as the timing of employee departures. For financial reporting purposes, we treat separation-related costs as special items that we exclude from total Company pre-tax profit."

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