Romania buys Daewoo's local car unit for $60 mln
Ford announced today plans to increase production at a German plant by 4.9% beginning next month. Daewoo Automobile Romania SA had a 9.4% Romanian market share in the first seven months of the year with sales of 13,638 cars, trailing Renault SA's Dacia unit's 42% market share and sales of 60,537 new cars in the period. The agreement, signed after more than a year of negotiations, allows the Craiova, Romania-based plant to continue producing under the Daewoo name until October. Seres said the government also agreed to continue production, introduce a new model and not fire workers. „The company is in good financial shape,” Seres said at the televised news conference. „Interested parties will appear.” (Bloomberg)
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