Ford Joins Kimberly-Clark Taking Charges for Venezuela Currency
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Ford Motor Co. and Kimberly-Clark Corp. are both taking fourth-quarter charges because of difficulties exchanging U.S. dollars for Venezuelan bolivars.
Ford said it will take a one-time pretax charge of $800 million that will reduce its fourth quarter net income by about $700 million. Dallas-based Kimberly-Clark Corp. said it would take a $462 million charge to revalue its bolivar-denominated assets.