Mitsubishi Motors Completes Sale of NedCar

VDL Groep BV has completed the acquisition of Netherlands Car BV, known as "NedCar," from Mitsubishi Motors Corp. for a token €1.

MMC declared in February it would end production there by year-end. The parties finalized an agreement in October. MMC says it will book a 25.1 billion-yen ($305 million) loss on the sale.

The facility, renamed VDL NedCar, is an independent vehicle assembler for third parties. BMW AG has agreed to source Mini brand cars from the plant in the second half of 2014.

Laid-off NedCar workers will receive government benefits and payments from VDL equal to their full wages for 18 months while the facility is retooled.

VDL supplies car and truck parts and makes automated production lines for the industry.