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Ford Motor Co. has announced plans to invest $1 billion over the next five years to upgrade its plants in Argentina.

Ford's president, Alex Trotman, said the company is eager to tap an expected surge in demand for automobiles in the Mercosur trade bloc of Argentina, Brazil, Paraguay and Uruguay, which came into effect this year.

Trotman said Ford will begin Argentine production of the company's Escort Sedan and Ranger line of pickup trucks.

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