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Ford to receive state aid from Romania
Ailing U.S. carmaker Ford Motor Co. will receive euro143 million ($182 million) in aid from the government of Romania, where the company owns a carmaking plant, lawmakers said Tuesday.
The state aid, spanning until 2012, will support production of cars and engines at the factory in Craiova, in southern Romania.
Ailing U.S. carmaker Ford Motor Co. will receive euro143 million ($182 million) in aid from the government of Romania, where the company owns a carmaking plant, lawmakers said Tuesday.
The state aid, spanning until 2012, will support production of cars and engines at the factory in Craiova, in southern Romania.
The takeover was delayed when the European Union launched an investigation into the sale. The EU's executive arm said the stake was worth $132 million and the Romanian state had lost $42 million. Ford agreed to pay the higher sum.
With two carmakers - Renault- owned Dacia and Ford - Romania had ambitions to become the key car manufacturer in southeastern Europe.
The state aid, spanning until 2012, will support production of cars and engines at the factory in Craiova, in southern Romania.
Ailing U.S. carmaker Ford Motor Co. will receive euro143 million ($182 million) in aid from the government of Romania, where the company owns a carmaking plant, lawmakers said Tuesday.
The state aid, spanning until 2012, will support production of cars and engines at the factory in Craiova, in southern Romania.
The takeover was delayed when the European Union launched an investigation into the sale. The EU's executive arm said the stake was worth $132 million and the Romanian state had lost $42 million. Ford agreed to pay the higher sum.
With two carmakers - Renault- owned Dacia and Ford - Romania had ambitions to become the key car manufacturer in southeastern Europe.