Ford eyes 1.5 billion Pounds investment in UK facilities
22 March 2010
Ford Motor Company is looking to invest 1.5 billion pounds into its four UK plants for the next five years after the Government granted the multinational corporation a 360-million pounds loan guarantee.
Ford Motor Company is looking to invest 1.5 billion pounds into its four UK plants for the next five years after the Government granted the multinational corporation a 360-million pounds loan guarantee.
Secretary of State for Business Peter Mandelson announced the ú360 million assistance at the Ford Dagenham plant on Thursday. Ford Motors had applied for 450 million pounds from the EUs lending institution, the European Investment Bank (EIB). The company secured the 360 million pounds backing through the Automotive Assistance Programme of the UK government.
Ford welcomes this positive support from the Government. It greatly assists in delivering Fords commitment to invest ú1.5 billion in new, affordable, volume-produced low CO2 technologies, said Joe Greenwell, chairman of Ford Motor Britain.
Our customers will benefit from this extensive investment and so too will the 100,000 people in the UK whose jobs are directly or indirectly dependent on Ford. The loan also encourages the growth of high-technology, CO2-reducing research and development in the country.
Greenwell added: but perhaps most importantly the overall environment will benefit thanks to the mass-deployment, volume-produced emission-reducing technologies from Ford.
This development will allow Ford to continue with its investment strategies in the country.
The Dagenham site is one of Ford Motors four UK facilities, which is involved in research, development and production of low-CO2 technology for commercial vehicles and cars.
The research and development site in Dunton, Essex, is the largest automotive engineering plant in the UK. The companys products are assembled in Bridgend, Southampton, and Dagenham.
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