Dura Automotive Systems, the US car parts manufacturer, estimates its Romanian-based business will grow to 33 million euros in the next five years.
The company has finalised a 5 million-euro investment in a Timisoara-based plant and intends to invest another seven million euros in the next two years.
"We expect turnover to be in the neighbourhood of 4 million euros this year. By 2009, it will however grow to 33 million euros," estimates Jeremy Cohen-Tannugi, key account manager with Dura Auto.
According to Cohen-Tannugi, next year will bring a boom in turnover, which will grow five times, with the annual growth to stand at 25% in the following years.
The US company has invested 5 millio euros in Romania, in a plant spreading on 5,000 square metres. "We want to benefit from the low-cost work force. We will export our output to Western Europe, but we also intend to reach Eastern European markets, such as Russia," the Dura official said, adding that investments will amount to 7 million euros in the next two years. The company''s strategy for the Romanian market includes support for the expansion of Dacia/Renault, promotion of the entire Dura product range on the East-European market, low workforce costs in order to set competitive prices. Dura Automotive Systems is one of the biggest producers of car parts. Worldwide, Dura works with carmakers such as Ford (26% of the orders), General Motors (23%) and DaimlerChrysler (11%).
The company has 67 production units in 14 countries and last year created turnover worth 2.54 billion US dollars. In Eastern Europe, Dura also owns factories in Russia, Poland, the Ukraine, Slovakia, the Czech Republic, Bosnia, Slovenia, Hungary, Belarus and Turkey.
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