Ford To Pump $870M Into Valencia Plant For Kuga Production
Zacks Investment Research | Nov 16, 2017 08:45PM ET
Ford Motor Company (NYSE:F) announced that it will invest a sum of more than $870 million at its plant in Valencia, Spain. This is in line with the auto giant’s objective to manufacture its next-generation Ford Kuga medium-sized Sports Utility Vehicle (SUV). Notably, since 2011, the company has invested a sum of around $3.5 billion in its Valencia operations.
Good news is that this huge investment of $870 million will help the Valencia’s operations secure productivity improvements and enhance cost efficiency. The hefty investment also showcases Ford’s commitment toward this European manufacturing location. Additionally, it will create job opportunities at the site. Currently, the location employs more than 8,000 people across all its operations.
Since 1976, Valencia Vehicle Operations and Engine Plant has manufactured more than 12 million vehicles and 16 million engines. It is also Spain’s one of the top automotive exporters. Apart medium-sized SUV Kuga, the hub is responsible for production of Tourneo Connect people-mover, Transit Connect light commercial vehicle models and the full range of Ford’s Mondeo, S-MAX and Galaxy models.
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