Ford Otosan, the largest commercial vehicle manufacturer in Europe, will take ownership of U.S group Ford’s Craiova plant and production activity in Romania, a process conditioned by the approvals from the relevant authorities. Ford Otosan is a joint venture between Ford and the Turkish group Koç Holding, where each of the two groups owns 41% of the shares and the remaining 18% are listed on the Istanbul Stock Exchange. The value of the deal is EUR 575 million, according to official data quoted by the Romanian media. Ford assures that this transfer doesn’t impact its plans in Romania and that the Craiova plant will play a key role in the group’s business in Europe while supporting its plans for electrification (Model e) and commercial vehicles (Ford Pro). "This transfer shows how Ford leverages its strategic partnerships to make the most efficient use of existing resources through joint investment while benefiting from Ford Otosan's extensive experience. We welcome this opportunity to strengthen our partnership with Koç Holdings through Ford Otosan and to develop this joint venture together. The activity of the factory in Craiova is a success and we consider that through the experience and expertise of Ford Otosan in electrification and commercial vehicles it can reach an even higher level of development," said Stuart Rowley, President of Ford of Europe. "Today's announcement supports Ford's vision for expanding our range of cars, with the Craiova plant playing a key role in our solid plans to develop commercial vehicles (Ford Pro) and electric vehicles (Model e) in Europe," he added. The Ford Puma model, one of the top-selling models produced in Romania, will have a fully electric version from 2024, which will be built in Craiova, according to a press release issued by Ford on March 14, 2022. Ford also announced that the new light commercial vehicle, which will go into production next year in Craiova and which will have a fully electric version from 2024, will be the next generation Ford Transit Courier. The Tourneo Courier compact multifunctional vehicle will also be built in Craiova from 2023, with a fully electric version starting in 2024. The Transit Courier and Tourneo Courier models are designed and developed by Ford Otosan.Meanwhile, Ford also said it will stop producing the EcoSport model, also manufactured in Craiova, by the end of this year. The fact that Ford Otosan will be the new owner of the factory in Craiova will help the transfer of know-how, through the vertical integration of electrical technologies and will have an extended and cost-effective effect on the network of suppliers, according to the group. Ford and Ford Otosan hope that the transfer of ownership will be completed in the third quarter of 2022, subject to the approval of the relevant authorities and following consultations. At the same time, Ford's National Sales Company in Romania, as well as other departments serving Ford at the European level, will continue to operate in the same way as before, remaining part of the Ford of Europe structure. Ford took over the Craiova car factory from the Romanian state in September 2007 for a privatization price of EUR 57 million. Since then, Ford has announced total investments of about USD 2 bln in the plant's development and expansion.
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Cushman & Wakefield Echinox announced the completion of the sale of the Zenith Conference & Spa hotel in Mamaia, one of the top hospitality units on the Romanian seaside, to the owners of Steaua de Mare Hotels & Resorts, based in Eforie Nord. The property was previously controlled by the RC2 investment fund and Antares […]
