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Ford to invest euro425M in Spanish plant

Ford to invest euro425M in Spanish plant

Ford Motor Co. signed an agreement with the UGT union in Spain that will cement plans to build small- and mid-sized cars at its Almussafes plant in Valencia, the company said Wednesday.
In a statement released by Ford Motor Europe, the company said it plans to produce three new models at the plant, with an annual production target of 350,000 cars a year.
Ford said it would invest euro425 million (US$580.72 million) in the plant, which produces the popular Ford Focus, for buyers in Europe.
"I am pleased to be able to dispel any uncertainties about the future of the Valencia plant," Ford of Europe president and chief executive John Fleming said. "I have always said it was one of our most efficient and flexible plants in Europe."
In turn, the union has agreed to keep labor costs low in a bid to keep the plant competitive with European rivals.
"We are pleased that the company has shown faith in the Valencia work force by committing itself to this program of investment and new model introductions," IGT spokesman Gonzalo Pino said.


Updated : 2021-05-12 17:22 GMT+08:00