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Egypt's Nasr to close auto plant
- Egypt: Tuesday, May 19 - 2009 at 11:18
Egypt's Holding Company for Metallurgical Industries has adopted the decision of El Nasr Automotive's General Assembly to shut down the company upon the expiry of manufacturing license agreements with foreign automakers, due to the accumulation of $29.6m in interest rates in one year, Al Arabiya TV has reported. Nasr, founded in 1960, produced licensed versions of different cars from Fiat, FSO Polonez, Tofaş and Zastava. The Holding Company is currently considering the sale of Nasr to a strategic investor, while releasing its 1,000 staff by offering the option of early retirement.
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StaffTuesday, May 19 - 2009 at 11:18 UAE local time (GMT+4)
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