NEW YORK TIMES
COMPANY NEWS; Rover Planning Bulgarian Venture
Published: Saturday, April 18, 1992
Britain’s Rover Group, part of British Aerospace P.L.C., is planning a joint venture with the Bulgarian Defense Ministry to produce three types of vehicles in former military plants, a Government official said today.
Slaveyko Khadzhimitov, a senior Government economic expert, said Rover’s initial investment would be $20 million, rising to $120 million with the building of an assembly line for its Maestro car model. Rover would own 49 percent of the venture and the Bulgarian Defense Ministry and its subsidiary plants 25 percent. The remaining 26 percent would be offered to private Bulgarian companies. The plans are to assemble 46,000 Rover Maestro Clubman models and Land- Rovers and 8,000 pickup trucks a year in former arms factories. Rover would sell 50 percent of the output abroad.