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November 29, 2005

ROMANIA: Renault, GM and Ford all showing interest in Daewoo factory

General Motors, Ford and Renault are contenders for a Daewoo Motor assembly plant in Craiova, Romania, Automotive News Europe reported.

General Motors, Ford and Renault are contenders for a Daewoo Motor assembly plant in Craiova, Romania, Automotive News Europe reported.

All three have expressed interest in the facility, which employs 3,000 people and last year produced 27,043 Daewoo vehicles for the Romanian market.

If successful, any one of the contenders would boost its stake in the growing eastern European market – potentially at a good price.

The Romanian government owns 49% of Daewoo Romania. It currently is negotiating the purchase of a majority stake in the plant, which is held by the Korea Asset Management Corporation. KAMCO is majority owned by the Korean government. It entered the picture after Daewoo Motor of Korea went bankrupt in 2000.

The Romanian government is trying to save the plant by finding another partner.

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