Fiat’s Turkish joint venture Tofas has secured finance for an assembly line at its Bursa plant to make new light commercial vehicles.
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Tofas, which is also part owned by Turkish conglomerate Koç Holding, secured EUR350m (US$447.5m) in a financing facility closed by ABN AMRO, Banca Intesa, Fortis and SocGen, along with the European Investment Bank and Italian state export agency SACE.
According to a report by Reuters, the plant will produce new vehicles for Western Europe, to be distributed by Fiat and PSA Peugeot Citroen.
