Ford bought 77.9 million dollars portion in Romanian plant

Posted on Saturday, 8 September 2007 , 15:09:52 byEmil

Filed under fordromaniaromanianplantautomobilecraiovFord

Ford bought 77.9 million dollars portion in Romanian plant

Ford will pay $77.9 million to buy a 72.4% portion in the state-owned Automobile Craiova factory in Romania, alongside with the other 27.6% detained by a number of employee pension plans. Ford wants to use the old Daewoo plant to raise its production in Europe. The contract will be signed at the Frankfurt Motor Show on September 12th.

The factory only made 116,000 engines and 24,000 autos last year, but Ford plans to multiply its power to 300,000 vehicles and engines a year. Ford will also increase the number of employees from around 3,900 to 9,000. Officials from Ford said the upgrades will be completed with the price of $1.37 billion by 2012.

Ford Europe made 1.86 million autos at seven assembly factories in 2006, reports The Detroit News.