Hay to invest €60 mln in northern Romania

Ilyes indicated that Hay is determined to go ahead with the project, although its Swiss partner, Ronal, chose to give up an investment plan worth €60 million to build a wheel rim factory. “We have information that the Swiss management was replaced by a German team who redesigned the company’s development strategy in Europe, and Romania is no longer a potential destination,” Ilyes said.

Nevertheless, Hay will go forward with its investment, according to the mayor. The factory should be finished in two years. “It is currently in the design stage. I think they intend to adapt their design, to expand, and to take over the land released by Ronal, perhaps for subcontractors,” Ilyes added. Last year, the Swiss company leased 15 hectares of land for its project.

The local car industry, including producers, was worth €7.2 billion in 2007, 28 percent higher year-on-year, Car parts producers had a total turnover in excess of €4 billion.