Mitsubishi to extend Colt production at Dutch NedCar plant - union

AMSTERDAM (AFX) - Dutch car maker NedCar has won a contract valued at 'tens of millions of euros' from Mitsubishi Motor Corp, extending the production of Colt cars at its Dutch plant until 2011-12, trade union FNV Bondgenoten said.

NedCar and Mitsubishi (other-otc: MSBHY.PK - news - people ) have both refused to comment, but FNV spokesman Henk van Rees said NedCar workers were confidentially informed about the deal yesterday.

It was originally intended that NedCar would continue to produce the Colts only until 2010, but Mitsubishi plans to give the model a facelift, meaning production can be extended for up to another two years.

Van Rees said the investment means NedCar's annual production of 70,000 Colts at its Born plant and the jobs of 1,350 workers can be retained.

The exact financial details of the deal are not yet known, but Van Rees told AFX News it was a 'substantial investment'.

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Source: [url=http://www.forbes.com/business/feeds/afx/2007/03/02/afx3479448.html]Forbes[/url]