GERMANY: EC clears Ford Romania plant buy
Ford of Europe has welcome the announcement by the European Commission that it has closed its investigation into the privatisation process of Automobile Craiova in Romania, thus clearing the way for the US automaker's purchase of the vehicle manufacturing plant.
Ford said the deal would be finalised following the ratification, expected on 4 March, of the special law for the privatisation of Automobile Craiova which is before the Romanian Parliament.
"I am pleased that the European Commission has concluded its investigation in such a short period of time," said Ford of Europe president and CEO, John Fleming.
"We worked with the Romanian authorities around the clock to provide all the necessary information to help the Commission come to its decision.
"Our goal is now to assume full ownership of the plant as quickly as possible and turn it into a world-class manufacturing complex."