Spanish supplier Gestamp has started business in Romania by acquiring a majority stake in a local company which owns a plant supplying Renault-Nissan's subsidiary Dacia.

The company is located on the outskirts of Pitesti, the main centre of the automotive industry in the country. It has over 200 employees and turned over EUR17m in 2016. Gestamp made the acquisition through its Turkish subsidiary, Beyçelik Gestamp.

The Romanian plant supplies small and medium-sized stamped components, as well as assemblies. Gestamp wants to increase turnover by manufacturing more added-value components.

"This acquisition will enable Gestamp to accompany its global customers, the Renault-Nissan Group and Ford, which have operated in Romania for several years," the supplier said in a statement.

The company now operates in 21 countries and claims eight of every 10 vehicles produced worldwide each year are manufactured in markets in which Gestamp has production plants.

Romania is ranked 27th country for vehicle manufacturing, producing 387,000 Dacia and Ford vehicles per year.

Gestamp chairman and CEO Francisco Riberas said: "Romania is a country with a very promising present and future in the automobile sector".

Gestamp already supplies Renault and Ford in other markets.

It is the main supplier of stamped components to the Renault group and the second supplier of the Renault-Nissan group. The new plant allows Gestamp to increase its presence close to the local factories of the French group while enabling services to Ford in Romania.