Published: 08-Jul-2011
US-based auto-mobile manufacturer FORD MOTOR has secured a loan worth THB15.5 billion ($509 million) to support the development of it's new passenger car manufacturing plant in Rayong, Thailand.
The loan has been provided by Bangkok Bank, Tisco Bank and the Export-Import Bank of Thailand. The new Rayong facility which will have an annual production capacity of 150,000 units will strengthen its local production and export capabilities.
Construction work on the new facility, which is nearing completion, is expected to cost $450 million. Currently, the company is recruiting and training employees for production and maintenance ahead of the start of operations.
Ford Motor is also planning to buy components worth approximately $800 million per annum through the local supply chain.
The company has said that the facility was expected to generate up to 11,000 new jobs, including 2,200 directly from Ford and 8,800 indirectly through its local supplier and dealer networks.
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