VW to invest 9.5 bln eur in new VW products, facilities in next 3 yrs UPDATE |
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Tue, 27 Nov 2007 16:18
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(Updates with details of where the money will be spent)WOLFSBURG (Thomson Financial) - Volkswagen AG said it will invest 9.5 bln eur in the Volkswagen brand in the next three years, with 6.5 bln eur of the amount to be spent for new products.The company announced in a statement it would spend about 1.7 bln eur on plants, including facilities in Russia and India, a third production line in Wolfsburg, a car press facility also in Wolfsburg and a paint-spray line in Pamplona, Spain.It said for the plant in Wolfsburg, a total of 479 mln eur is being set aside, of which 120 mln will be for Golf production and 158 mln for restructuring of the press facility.Its Braunschweig plant will get 229 mln eur and, of this amount, 108 mln will be for production capacity increases and a component delivery network for Audi.The facility in Kassel will receive 540 mln eur, with 121 mln alone to be spent for the expansion of the capacity of a gearbox plant, while 456 mln will be allotted for a plant in Saxony where the paint-spray facility will be modernized, among other things.Around 298 mln eur will be poured into Volkswagen Slovakia and 284 mln eur for Navarra. The amount for the Navarra plant includes 48 mln eur for the new paint-spray facility in Pamplona.marilyn.gerlach@thomson.commog/mog/kf1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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VW to invest 9.5 bln eur in new VW products, facilities in next 3 yrs 