facebook
twitter
rss
account
search
search
 

Nissan invests $60 million in Egypt

June 28, 2004 at 6:10 AM   |   Comments

TOKYO, June 28 (UPI) -- Nissan Motor Co. said Monday it would invest $60 million in Eqypt as part of a plan to expand business operations in the Middle East and North Africa.

Nissan will make the investment in 2004 and 2005 to support the complete refurbishment, modernization and expansion of its existing manufacturing plant in Egypt.

By 2010 the Japanese motor company's total investment will have increased to over $100 million, as part of a three-year business plan to be launched in 2005, the company said.

"This investment proves our commitment to Egypt and the Middle East," said Carlos Ghosn, Nissan's president and CEO.

The business plan includes a buy-out of the existing production facility, the introduction of new models and making Egypt an export base for neighboring markets.

The company has operated in Egypt since 1997 through a local company, with 294 employees, assembling pickup truck models.

Topics: Carlos Ghosn
© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
2
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
3
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
4
Creator of 'Honey Badger Don't Care' brand sues for trademark infringement Creator of 'Honey Badger Don't Care' brand sues for trademark infringement
5
Rheinmetall, KBR in joint venture bid for British defense entity
Trending News
Video
x
Feedback