NEW YORK TIMES
INTERNATIONAL BRIEFS: Bulgarian Car Maker Decides to Close
Published: Friday, April 5, 1996
Rodacar, Bulgaria’s sole car maker, said yesterday that it was closing down because of bureaucratic obstacles and a lack of Government support. Rodacar said it would halt production of its Rover Maestro cars in its factory at the Black Sea port of Varna by the end of May, a move that was seen as a blow to Bulgaria’s hopes of attracting sorely needed foreign investment.
Rodacar was started in March 1995 by Rover Group Ltd., a subsidiary of the German auto maker BMW A.G. Rover invested $20 million for a 51 percent stake. The remaining 49 percent is owned by four companies belonging to a private consortium in Bulgaria called Daru Group. (Reuters)
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