| Officials said last Friday that Romania's | | | | plans. |
| privatization agency will begin its dialogue with Ford | | | | Fleming also said that if they would be successful |
| Motor Co., the only bidder in the sale of a former | | | | in their bid, they would expect to expand and |
| Daewoo car factory in southern Romania. | | | | improve the Craiova manufacturing operations, |
| At an event in Bucharest, Ford's bid was opened | | | | augment employment opportunities and attract |
| but no details of the offer were revealed. | | | | additional suppliers to the area. |
| Sebastian Vladescu, who is the deputy Finance, | | | | Other two companies - General Motors Corp. and |
| and Economy Minister and head of the | | | | JC Russian - which sent letters of intent to |
| privatization committee in charge of the sale, said | | | | participate in the sale have not submitted bids. |
| that it looks like all the documents requested have | | | | The government has said that price would not be |
| been submitted at a glance. He added that talks | | | | the only factor considered in the sale. It would |
| were to begin on Monday with Ford to negotiate | | | | also consider the ability of the buyers to |
| on the terms of the sale. | | | | maximize production and use Romanian-based |
| As the only bidder in the sales, Ford confirmed in | | | | suppliers. |
| a press release that it wants to buy the plant. | | | | The privatization agency, which is selling the |
| According to John Fleming, Ford of Europe | | | | government's 72 percent stake in the company, |
| President and CEO, their company offers the best | | | | will sign a memorandum with several smaller |
| combination of financial, technological and | | | | shareholders in order to sell their stakes as well, |
| environmental commitments to be able to | | | | thus allowing the buyer to take over 95 percent |
| modernize the Craiova-based plant. | | | | of the stock. |
| Maker of quality Ford catalytic converter, Ford | | | | The factory, which was owned by the insolvent |
| adheres to the fact that the facility in Craiova is a | | | | Korean company, has nearly 4,000 employees |
| strategically significant site for the future growth | | | | and can produce a maximum of 200,000 cars and |
| of the company. Ford of Europe produced 1.86 | | | | 300,000 engines every year. |
| million units at its seven assembly plants in 2006 | | | | Last year, Romania paid US$60 million (€44 |
| and additional manufacturing space is required to | | | | million) to purchase back a 51-percent stake in the |
| meet its emulous new product as well as growth | | | | company from Daewoo's creditors. |