By on July 11, 2012

BMW did not buy Mitsubishi’s Nedcar plant , a Dutch busmaker did. Mitsubishi today said it signed a principal agreement on the sale of its Dutch Nedcar plant to local bus maker VDL Groep. The busmaker gets a deal: The plant with a book value of 493 million Euro ($605 million) goes for exactly one euro.

According to a Reuters report, the condition of the sweetheart deal is that the 1,500 employees of the plant do not lose their jobs. Mitsubishi Motors is setting its sights on emerging markets. BMW may not be totally out of the picture. Japanese NHK reported that VDL could be producing small cars for BMW.

 

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7 Comments on “Mitsubishi’s Nedcar Plant Sold For One Euro...”


  • avatar
    GS650G

    How thoughtful a company would condition this on their employees keeping their jobs. When was the last time this happened anywhere else? The Japanese still believe the people are an asset to the company, not just a stupid slogan.

    If they can’t come up with a viable product soon it’s going to be difficult to keep that promise.

  • avatar
    360joules

    More likely some sort of clawback clause in some government incentives/penalties for idling the workforce.

  • avatar
    KalapanaBlack

    The product problem wasn’t NEDCar’s, it was Mitsubishi’s, God love ‘em. They can’t seem to get it together these days…

    That plant was kicking out tons of Colts, Carismas, S40s and V40s for years. Then Volvo and Mitsu skidded to a halt, sales-wise.

  • avatar
    el scotto

    Isn’t this plant associated with British Leyland in some unfortunate way?


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