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Ford might switch on Craiova facility in April

The production in Craiova (southern Romania) might begin in this April, that is immediately after the expiration of the 45 days by which the privatisation agreement of Automobile Craiova car maker signed by the Romanian State with the US Group Ford was extended, said Teodor Atanasiu, the Chairman of the National Authority for State Assets Realization (AVAS).

At the same time, the AVAS representative voiced hope the investigation of the European Commission on the write-off of the debts and the lack of transparency of the deal between the Romanian State and the US company will be concluded by end-February. The European Commission is not going to cancel the agreement, Atanasiu said, but it might come with a series of objections to impose the amendment of certain stipulations of it. 'I thinks, probably, there will be some conditions, but with the agreement not to be terminated. For instance, they might ask a certain article of the document to be changed. At the same time, they might consider some of the provisions in the agreement induce the idea that there is a state aid involved so that, in order not to remain a state aid, certain prices should be pushed up,' the AVAS chairman told Business Standard magazine. He also stressed that, after the trade was concluded, the Ford representatives might propose the shareholders the merger of the companies Automobile Craiova, Daewoo Automobile Romania and Mecatim based in Timisoara (western Romania), with the dividing into two commercial companies to follow, one to hold only the necessary assets for making cars and the other to hold the documents for the plots of land and the other assets. The AVAS chairman also added that the merger of the three units and the subsequent dividing process is to last for two years, with the Romanian state being to decide the procedure for the capitalization of the newly-established company. The privatisation agreement of Automobile Craiova with the Ford Group was signed in September 2007. Ford took over all the shares held by the Romanian State in Automobile Craiova - representing 72.4 percent of the Romanian's company capital in a deal worth 57 million euros. Sursa: http://www.rompress.ro

Tags: state automobile agreement might craiova car

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