Romania’s Fin Ministry To Give Ford EUR143M State Aid For Craiova Plant

Romania’s Economy and Finance Ministry will give Ford Motor Co. (F) a state aid worth EUR143 million between 2008-2012, of which EUR17.5 million this year, if the group will carry its programmed investments worth EUR145 million at Daewoo Automobile Craiova this year.

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The EUR143 million state aid was authorized in April by the European Commission. The investment aims at enlarging and upgrading two plants acquired by Ford for vehicle and engines production.

According to a draft law initiated by the Economy and Finance Ministry, Ford must invest EUR172 million in the vehicles plant and EUR5 million in the engines plant in 2009.

In September last year, Ford agreed to pay EUR57 million for a 72.4% stake in Romania's Automobile Craiova assembly plant and pledged to invest another EUR675 million to upgrade the plant.

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