Turkish automotive producer Ford Otosan has announced that it has signed an agreement to acquire the Craiova plant in Romania of the company’s main partner, US-based Ford Motor Company, for €575 million. In addition, the company will make an additional payment of up to €140 million, taking into account the future capacity utilization rate of the plant. With this agreement, which will enable Ford Otosan to open up to overseas operations, the ownership of Ford’s vehicle production and engine production facilities in Craiova will pass to Ford Otosan.
Last year, Ford Otosan stated that it would increase the capacity of its Kocaeli plants to 650,000 vehicles with the investment it announced. With the addition of the Craiova plant’s installed capacity of 250,000 vehicles, the company’s total annual production capacity will exceed 900,000 vehicles, while the number of employees will exceed 20,000.