U.K. Grants Ford $640 Million Loan Guarantee to Preserve Exports
- 85% of Ford engines built in Britain are shipped overseas
- State backing supports $800 million loan from commercial banks
A worker removes an engine from the conveyor at the Ford Motor Co.’s engine assembly plant in Dagenham, U.K.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
The U.K. government has granted a 500 million pound ($640 million) loan guarantee to Ford Motor Co. to support the automaker’s substantial exports of engines and transmissions from Britain.
The guarantee, which covers 80% of a 625 million-pound loan from commercial banks, will help Ford increase investment in electrification and protect jobs at its sites in Essex and Dagenham, the U.K.’s Department for International Trade said in a statement.