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| FORD CARS MADE IN ROMANIA (12.09.2007) |
| (2007-09-13) |
| Last updated: 2007-09-13 18:50 EET |
Less money, and lots of promises - this is how economic analysts are describing the US carmaker Ford’s takeover of the majority stake of the Automobile Craiova car manufacturer based in Craiova, southern Romania. The privatization contract of the Craiova plant makes Romania the most important car producer in south-eastern Europe.
The US company will pay 57 million euros in order to take over 72.4 % of the factory’s shares. The sum isn’t impressive, but Ford has pledged to invest substantially in streamlining the plant, and to double the number of employees from 3500 to 7000. The investment will rise up to 675 million euros, to which another one billion euros will add in products and components from the domestic market until 2012.
Ford intends to sell 80-90 % of its Romanian output abroad and intends to produce 48 thousand cars in Romania in the first year, a production estimated to rise up to 300 thousand units in 2011. The conclusion of this project will lead to an increase in Romania’s car production to over 500 thousand units annually, also taking into account the Dacia models produced by the French group Renault in Pitesti, southern Romania.
According to Ford representatives, the company will cease the production of Daewoo models, which used to be produced by the former South-Korean owner, commencing the production of a new make, currently on drawing boards in Germany and Great Britain. Experts believe this will be the new Fiesta model, a car expected to see serial production in 2008. Prime Minister Calin Popescu Tariceanu says the price obtained by the plant in Craiova is not the main goal of this privatization, the main purpose being the creation of a large-scale industrial project.
“Through this privatization we are mainly counting on the economic effects such an enterprise may create”, Tariceanu has said. The Romanian Prime Minister has added that Ford’s taking over of the Romanian car manufacturer is the first major American investment in Romania. Ford Motor Company was the only bidder in the transaction. Other companies, such as General Motors and Russian machines have presented unattractive offers and subsequently withdrew from the privatization race. 2006 was the third year in a row, when the European division of Ford stayed on profit, and the division’s contribution to the company’s overseas sales reached nearly 30 percent.
(Daniela Stefanescu)
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