Egypt's Ghabbour in $70 mln bus assembly venture


CAIRO, June 26 (Reuters) - Egyptian auto importer and manufacturer Ghabbour Auto said on Thursday it agreed to a $70 million joint venture with Brazil's Marcopolo to build a bus assembly facility in Suez on the Red Sea. A subsidiary of Ghabbour Auto will own 51 percent of the new company while the Brazilian bus manufacturer will have the remaining 49 percent, Ghabbour said. The new facility is expected to start production in 2009 with a targeted capacity of 1,500 buses in the first year ...

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