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.