The privatization contract for Automobile Craiova was signed on Wednesday by the Romanian authorities and the Ford Company officials, during the Frankfurt car show. The ceremony was also attended to by the Romanian prime minister Calin Popescu Tariceanu and the US ambassador to Romania, Nicholas Taubman.
The selling - acquisition contract was approved by the Romanian government on Tuesday.
The American company will invest some 675 million euros in the car production facility, although the acquisition price was only 57 millions. Ford will also buy products and components from the Romanian market worth one billion euros, before 2012.
The investment made by Ford will lead to the forming of some 30,000 jobs.
Ford also agreed to re-structure Automobile Craiova, Daewoo Automobile and Mecatim Craiova, transferring the assets in a single company.
Ford representatives didn't ask for any financial incentives, but demanded the clarification of all aspects related to Automobile Craiova, from debts due to the Romanian state to the responsibility for the cars produced by former owner, Daewoo.
The US-based car producer was an active player on the Romanian market over 60 years ago. In 1931, Ford opened a sales company in Romania and in 1935 it built a car production facility in Bucharest. In 1944, the factory was took over by the Romanian army.