Industry Automotive Defunct 2007 Website acsa.ro Founded 1991 Ceased operations 2007 Parent organization Ford Motor Company | Fate Acquired Products Automobiles Headquarters Craiova, Romania Successor Ford Romania Predecessor Oltcit | |
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Automobile Craiova S.A. was an automobile manufacturer located in Craiova, Romania.
Contents
The beginnings
The factory was founded in 1976 as the Oltcit joint venture company between the Romanian government (64%) and Citroën (36%). The factory produced cars under the Oltcit and Citroën brands for the domestic and external markets.
Their main product was the Oltcit Club / Citroën Axel hatchback.
The name "Oltcit" comes from the region of Oltenia in Romania, with "cit" being an abbreviation of Citroën. The Oltcit logo is also similar to the Citroën one, but features only one chevron, as opposed to the two found on Citroën's logo, plus the letter "O".
The 1990s
In 1991, as a result of the withdraw of Citroën from the joint venture, the name of the company was changed to Automobile Craiova and production continued under the Oltena brand.
In 1994, the company decided to go into partnership (49%-51%) with Korean company Daewoo Heavy Industries (later Daewoo Motors) as Rodae Automobile. After producing the Oltcit between 1981–1996 (starting 1992 rebadged as Oltena, and as Rodae after 1994), the company started producing the Tico, Cielo and Espero.
In 1997, the name was changed to Daewoo Automobile Romania and a new engine and transmission factory was opened by the company, and by 2001 was also producing the Matiz and Nubira II. However, by this time, the main parent company in Korea had collapsed, due to financial problems in South Korea economy and over-expansion in Central Asia and Eastern Europe.
In 2002, General Motors bought the bulk of Daewoo Motor in South Korea, but did not buy the plants producing Daewoo cars in Romania, Poland, Ukraine or Uzbekistan. Due to this deal, the Romanian company was not allowed to export their products to neighbouring countries any more, or produce newer models by the new GM Daewoo company.
To make matters worse for the company, General Motors started selling the products of the GM Daewoo in 2003, under the Chevrolet brand.
Acquisition by Ford
In 2006, the Romanian government bought out Daewoo's 51% in the joint venture for US$ 60 million. A year later, in September 2007, Ford Motor Company was interested to acquire a 72.4 percent stake in the company for 57 million euro and on 21 March 2008 the acquisition contract was signed and Ford officially took over Automobile Craiova (later transferring the fixed assets to Ford Romania). As of May 2009, Ford acquired a majority 95.63% stake in the company.
Ford Transit Connect, both the passenger carrying and van models, was Ford's first model produced in Craiova, followed by low-capacity car engines and a small wagon, the new Ford B-Max. The plant will add a second, as-yet-unnamed small-segment model.