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. Last Updated: 07/27/2016

Ford Retreat in Europe

FRANKFURT, Germany -- Ford Motor Co. said it may close factories in Europe, where it described its results as unacceptable, and auto analysts said its component plants and British operations looked vulnerable.

They said the U.S. automaker may withdraw from more European joint ventures, reduce its production capacity in Europe of around 2.1 million units and cut its 105,000-strong work force.

Ford's chief financial officer Henry Wallace said Wednesday that plant closures were a possibility after the company reported a drop in its European earnings to $28 million in 1999 from $193 million a year earlier.

Worldwide, fourth-quarter revenues rose 17 percent from a year earlier to $44.42 billion.