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Ford to kick start production on Sept. 8, in Craiova

Craiova-based Ford Plant is to kick start production of the light utility vehicle Ford Transit Connect on Sept. 8, 2009, announced Ford Romania President Dionisio di Campos.

American Ford Group has become majority shareholder of Automobile Craiova in Sept. 2007, when it purchased 72.4 percent of the company from the Romanian state in exchange of 57 million euros.

Automobile Craiova was the sole shareholder of Daewoo Automobile Romania Co., currently Ford Romania, which operates the plant in Craiova. The American auto-maker injected in Jan. 250 million euros into Ford Romania capital and Automobile Craiova participation was reduced to approx. 2.43 percent.

Overall, Ford Romania investments in Craiova (south) project are to exceed 850 million euros in 2009.

In May 2009, the European Investment Bank (EIB) approved a 600 mln euros loan for Craiova plant and for the associated research and development activities, to be run in Germany.

Of the 600 mln euros EIB loan, 400 mln euros are earmarked for the technical rehabilitation of the already existing units on Craiova platform, as well as for the construction of new facilities. Of this amount the Romanian state guarantees 80 percent, respectively 320 mln euros.

Ford Motor Company has launched this week a public offer for the takeover of the remaining Automobile Craiova stake, accounting for 3.267 percent of the share capital, according to Bucharest Stock Exchange (BVB) site. The offer is to be run over July 22 - August 11 and is mediated by brokerage EFG Eurobank Securities.

Leader of the Social Democratic Party (PSD, in ruling coalition) Mircea Geoana, Senate's Chairman, who is paying a visit to Ford Plant in Craiova (south) on Friday, stated that investments in this plant will generate in the upcoming years dozens of thousands of new jobs and this industry will turn for the better the state of Romanian economy and life in Craiova, as well.] 'It is an investment which, when it becomes 100 percent operational, will generate more than 7,000 new jobs. (...) We can expect in the years to come over 30,000 jobs created by this important industry present in Craiova. (...) I think this investment is due to change not only the Romanian economy situation, but I am convinced that in the following years car exports will account for almost 20 percent of Romania's exports and this investment will also change for the better life in Craiova and in this zone. It depends solely on us, on the local authorities, to transform this investment into, maybe, an unhoped for opportunity for Craiova municipality, confronted with hardships because of plants' closing down and the loss of jobs', said Geoana.

 

Sursa: http://www.agerpres.ro/

Tags: craiova euros investment percent automobile plant romania car bvb

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