TOKYO - Ending months of speculation, Mitsubishi Motors Corp. said it will expand its Australian manufacturing operations with additional investments and government financing.
The plant in Adelaide had been threatened with closure after losing money in 1999 and 2000, although it made a small profit in 2001. But Mitsubishi said it will invest the equivalent of
$486 million to rejuvenate the plant and add models there in 2005.
Mitsubishi will add 900 jobs at the plant, which employs 3,200, people, and another 300 jobs at the research and development center.
In exchange, the Australian federal and state governments will give Mitsubishi $154 million in cash and concessions by 2005.