March 14 (SeeNews) - Ford Motor Company said on Monday it will transfer the ownership of the Craiova assembly plant in southern Romania to its strategic partner Ford Otosan in Turkey.
Through the transfer of ownership, the Craiova plant will benefit from a wide network of skills and know-how transfer through the vast experience of the Ford Otosan team in the design, development and construction of commercial and electric vehicles, Ford said in a press release.
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"This transfer shows how Ford leverages its strategic partnerships to make the most efficient use of existing resources through joint investment, while benefiting from Ford Otosan's extensive experience. We welcome this opportunity to strengthen our partnership with Koç Holdings through Ford Otosan and to develop this joint venture together," Ford Europe president Stuart Rowley said.
Ford added that it has already started a process of information and consultation with the social partners in Craiova regarding the transfer of ownership. The transaction is expected to be finalised in the third quarter of this year subject to approvals by the relevant authorities.
The transfer of ownership allows the Craiova plant to play a major role in the future of Ford Otosan, while supporting Ford's solid electrification plans (Model e) and commercial vehicles (Ford Pro), Ford said. At the same time, this allows Ford Otosan to expand its international footprint in terms of vehicle production and experience in this field, the company added.
Ford also announced that the Puma model will receive a fully electric version from 2024, which will be manufactured at the Craiova plant, and that the production of the Ford EcoSport small class SUV will end by the end of this year, as the Craiova plant will focus more and more on on the production of commercial and electric vehicles.
A compact multifunctional vehicle, Tourneo Courier, will also be produced in Craiova in 2023, with a fully electric version to be launched in production in 2024.
($ = 0.9108 euro)
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