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Ford Motor Co. and Romanian Govt. sign agreement

Old 9/13/07, 03:36 AM
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Ford Motor Co. and Romanian Govt. sign agreement

In a nutshell: FoMoCo buys a former Daewoo/GM plant in Romania with the intent of expanding its European production facilities.

Official Ford press release: http://media.ford.com/article_displa...ticle_id=26832


FRANKFURT, Germany, September 12, 2007 – Ford Motor Company has reached agreement with the Romanian government for the purchase of the Craiova vehicle manufacturing plant in the south-west of the country.
In addition to the 57 million Euros to be paid to the government for their 72.4 per cent stake in Automotive Craiova, Ford will transfer to a new company significant land parcels not required for production plans. The same offer will be made to all the minority shareholders.
Ford has also committed to spending another 675 million Euros to upgrade and modernise the plant. And, by 2012, the company expects to be spending around 1 billion Euros a year in Romania to support the Craiova operations. Employment levels at the plant will almost double, from the existing 3,900 to 7,000.
PS: multiply the Euro sums by 1.4 to get the US$ numbers
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Old 9/13/07, 07:22 AM
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good news?
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Old 9/13/07, 09:04 AM
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Mainly for Ford Europe, I'd assume. Seeing the new cars shown at Frankfurt, I suppose they plan to produce them on a large scale for the EU market.
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