Renault opens new gear factory in Mioveni, South Romania

Renault Mecanique Romania invested 146 million euro in a factory which will produce gears to be exported for the eight Renault models and seven Nissan ones, Renault officials declared on Tuesday at the official opening ceremony of the new Renault factory in Mioveni, South Romania.

The factory spreads over 29,000 sq. meters and the total investment exceeds 140 million euro but by the end of 2010 total investments will amount to 214 million euro. The factory currently employed 350 people but it will come to employ over 600 in one year and a half.

The Romanian state will pay Renault a first installment from the total 18 million euro it promised to offer as subsidies for the project.