Volkswagen joins other carmakers in new Spain investments
By Robert Hetz | January 24, 2013 4:21 AM EST
German carmaker Volkswagen
Spain's government has applauded the new investments, saying they are the result of a labour market reform that makes the country more competitive for businesses and also makes it cheaper for companies to hire and fire employees.
Nissan <7201.T>, however, said last week that it was cancelling plans to expand production of a new model in Spain after it failed to reach an agreement with union workers over new contract terms. Nissan said Spain was missing out on 4,000 new jobs and a 130-million-euro investment.
"A large part of the 785 million euros investment will go to prepare installations for manufacturing the next generations of Polo and its substitute in the future," Volkswagen said in a statement.
The Volkswagen plant outside Pamplona in the region of Navarra has a production capacity of 1,400 cars a day and employs 4,600 people.
(Reporting by Robert Hetz; Writing by Fiona Ortiz; Editing by Tracy Rucinski)
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