Mitsubishi Closing Netherlands Factory, 'Could Sell For One Euro'

Mike Stevens | Feb 9, 2012

Mitsubishi has announced that it will soon close its manufacturing plant in the Netherlands, but if a buyer will promise to retain the factory's 1500-strong workforce, it can have the lot for just one euro.

That's according to Dutch Economics Minister Maxime Verhagen, who reportedly discussed the plant's closure with Mitsubishi president Osamu Masuko earlier this week. The minister described the news as "an unbelievable blow" to the region.

With massive over-capacity in Europe and a volatile economic climate, Mitsubishi says it has no choice but to pull out of the plant which currently produces the Colt light car and the Outlander SUV.

The Japanese carmaker is not the first to make the symbolic gesture of a near-giveaway sale, however: the Italian government is currently helping local manufacturer DR Motor Co to buy a Fiat factory in Sicily for the same price.

In 2000, Britain's Phoenix Consortium bought the the Rover Group from BMW for a symbolic 10 pounds - and that's after BMW sank nearly AU$100 million into the brand. The brand collapsed in 2005.

For any potential buyer of Mitsubishi's plant, then, the question might be: what else can one euro get me?

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Filed under: Mitsubishi, manufacturing, Europe, News, industry

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