4/23/2008

Wilbur Ross looking for a Turkish partner for auto-parts venture

Bloomberg - Billionaire investor Wilbur Ross said he's looking for a Turkish partner to invest in making automotive parts in the country. "Turkey is a low-cost place to manufacture and has a number of carmakers there like Peugeot and Ford,'' Ross said in an interview in Abu Dhabi today. "We think there would be good auto parts demand there." The investment by International Automotive Components Group LLC in Turkey would be a "greenfield" development, building plants to manufacture components such as panels, dashboards and carpets for cars, Ross said. Carmakers including Ford Motor Co., PSA Peugeot Citroen and Toyota Motor Corp. make cars in Turkey for export to Europe, taking advantage of the country's customs accord with the European Union, and for sale in the nation of 71 million. The government is seeking to attract more foreign investment to balance a widening trade deficit.

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