Mitsubishi Motors Corp. announced July 11 that it has signed an agreement regarding the share transfer of its subsidiary European production site Netherlands Car B.V. (NedCar) with VDL Groep B.V.
Mitsubishi Motors will proceed with negotiations with VDL to reach a final contract with the company on the transferring of NedCar shares. The purchase price will be 1 euro (97 yen, or $1.22) and is being made on the condition the plant's 1,500 employees do not lose their jobs.
The decision came after Mitsubishi Motors reviewed its global production operation structure and decided not to allocate a new model to be produced at NedCar from 2013 and beyond.
The share transfer assures the future continuation of the NedCar facility and its employees.
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