Volvo Cars to Receive Up to €119 Million in Financial Support for Ghent Plant
Volvo Cars Signs MoU for Ghent Plant Competitiveness
July 15 (Reuters) - Volvo Cars has signed a memorandum of understanding (MoU) with Belgium's federal government and the Flanders regional government to support the long-term competitiveness of its Ghent plant, the Swedish carmaker said on Wednesday.
Financial Support Package Details
• The parties agreed to "work towards support measures" that include a package of up to 119 million euros ($136 million) for the plant.
Strategic Investments and Plant Development
• With this, Volvo Cars can pursue strategic investments to further develop the Ghent plant as a key manufacturing site.
Opportunities for Contract Assembly
• In addition to the continued building of Volvo's cars, this could also create opportunities to use Volvo Car Ghent for contract assembly of cars of other brands.
Exchange Rate Information
($1 = 0.8752 euros)
(Reporting by Elviira Luoma, editing by Terje Solsvik)
