Ford Motor Company has come to terms with the Romanian government over the purchase of a manufacturing plant in the country.
The Craiova vehicle factory in the nation’s south-west region will produce more than 300,000 of the firm’s vehicles once it opens.
Buying the 72.4 per cent stake the government had in the Automotive Craiova will see the business almost double employment prospects there to 7,000.
Ford added that it expects to be spending one billion Euros per year in order to run the operation.
"We are acquiring a plant with a skilled and enthusiastic workforce and together we will work to transform the plant into an industry benchmark for vehicle manufacturing in Central Europe," said Ford of Europe President and chief executive John Fleming.
This comes as the company has announced it may be selling luxury car maker Jaguar, originally bought in 1989.