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Ford to invest 675 million euros in Romanian auto plant
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The US automaker Ford has committed to invest 675 million euros in the Romanian plant, to build 300,000 vehicles and 300,000 motors per year according to a new design from 2011, privatisation commission member Mihai Voicu told Mediafax news agency. He added that the US group would double the number of employees to between 7,000 and 9,000 at the factory in Craiova, southern Romania. General Motors and JC Russian Machines, had expressed interest in the auto plant but did not make formal offers, so Ford was the sole bidder for the plant.
The South Korean company Daewoo had paid 156 million dollars for a majority stake in the plant in 1994, and had invested another 850 million to modernize it. The company declared bankruptcy in 1999. In August 2006, Romania paid 60 million dollars (44 million euros) for a 51 percent holding in the facility that had belonged to Daewoo.
Meanwhile, the owner of the Romanian car maker Dacia-French automaker Renault, uses the country as a base to build a successful low-cost car for emerging markets. To the north, Slovakia has become the eastern European centre of the auto sector, with manufacturers like Volkswagen, Peugeot and Kia investing in new factories.
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