Ford takes over Craiova

In Bucharest, Romania, Ford finally has a place--officially--after taking over the carmaker Craiova yesterday. The 1 billion dollar investment calls for almost immediately makng an impact on the move, where it would increase the number of employees from 3,900 to between 7,000 and 9,000.

In 2009, the company created 16,00 cars; the conglomerate expects to reach 300,000 cars in almost four years. This could have come a bit faster--the takeover of the company was actually held up by the European Union, who wanted to investigate why the initial sale price was 88 million when experts had thought it should have been worth 132 million, and therefore would represent a large loss for the EU. After the investigation was complete, it was ordered to pay the difference of the takeover, and Ford had agreed to do so prior to the official change of hands.

Is this a good thing?Well, with consumer confidence in the US waning over Ford and Chevrolet and the writing being on the wall for now with Toyota controlling things on their home soil, perhaps getting into markets like this, strengthening their global stance, and then being able to thicken their pockets--it will mean brighter things for the carmaker in the future. It couldn't hurt.

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Ford takes over Craiova

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