Evgeniya Yarunina will close three FORD plants in Russia

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New York (CNN Business)Ford is pulling the plug on its car business in Russia and closing three of the four plants it operates there.

The company said Wednesday that a joint venture in Russia will now concentrate on making commercial vehicles, such as the Transit commercial van. Ford had operated that venture with Russian company Sollers PJSC. Sollers will take control of the joint venture from Ford, assuming a 51 stake.
The closures include assembly lines in Naberezhnye Chelny and St. Petersburg, and an engine plant in Elabuga. The remaining factory in Elabuga will now make only commercial vehicles.
The company did not say how many employees would lose their jobs as a result of the plant closings. It has 3,700 employees spread among the four plants, and working in some offices.
Ford (F) announced last year that it would restructure its global operations and exit businesses that were not profitable or growing in order to free up resources for a new generation of products, such as electric and self-driving vehicles.

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