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Iveco to sell Hungarian bus plant

Fiat SpA's truckmaking unit Iveco SpA will sell its Hungarian bus manufacturing plant to local tycoon Gábor Széles, the daily Magyar Hírlap reported, citing no source. Széles, who formerly owned the plant, will buy it from Iveco's Irisbus and start large-scale production for the Russian market, according to the newspaper. The plant is located in Székesfehérvár, 70 kilometers southwest of Budapest. Iveco has been trying to sell the manufacturing site since at least February 2004, when Russia's RusPromAvto tried to buy it. Iveco fired 270 of the plant's 400 employees in 2003 because a lack of orders from Hungarian public transport companies reduced sales.