PARIS, FRANCE: Renault will invest €50m in its first assembly plant in Algeria, aimed at the oil-rich country's booming market, the group told AFP on Thursday (20 December).
An agreement for the joint venture was signed on Wednesday (19 December) at the start of a highly symbolic visit by President Francois Hollande to the former colony where he acknowledged his country's century of "brutal" colonial rule.
The plant, to be built in the second city of Oran, will cost €1bn and the Algerian state will hold a 51% stake in the venture with Renault owning the rest.
The factory will produce Renault Symbols, a saloon based on its Clio compact sold mainly in markets where hatchbacks are not traditionally favoured.
It will have a capacity of 25,000 vehicles annually from 2014 when it opens, rising to a maximum yearly output of 75,000 vehicles.
The company, faced with plummeting sales in Europe, said it will make strategic investments overseas, notably in Russia and China.
I-Net Bridge For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.