MMC to Sell NedCar to Dutch Bus Maker

Mitsubishi Motors Corp. has reached an agreement to sell its Netherlands Car BV (NedCar) plant to Dutch bus maker VDL Groep for a token €1.

The sale is contingent on VDL continuing to employ the facility's 1,500 employees, according to MMC. The Japanese carmaker has been seeking a buyer for the plant since February when it announced plans to end production of its own vehicles there by year-end.

VDL says it is in talks with BMW AG to produce unspecified Mini models at NedCar. A final deal might be reached in several weeks, according to the Dutch company. It estimates retooling the factory could take as long as two years, during which NedCar workers would continue to be paid.

BMW said earlier this week it was likely source Mini vehicles from a contract assembler at the Dutch factory.