NEW YORK (TheStreet) -- Ford Motor (F) announced today that it is expanding its presence in North Africa as a part of its global growth plan and intends on setting up a new sales office in Morocco and wants to double the number of car parts purchased in the country.
The automaker's expansion is the latest boost to Morocco's automotive industry, the Associated Press reports, adding that it has grown substantially over the last few years with the help of investments by foreign companies.
Shares of Ford are lower by 0.23% to $15.23 in late morning trading on Tuesday.
"Morocco is a great place to do business. Morocco has a very skilled and motivated workforce, a growing automotive supplier ecosystem, access to ports, free and fair trade agreements and a very pro-business mindset. Ford is delighted to partner with Morocco to expand our operations in North Africa," Kalyana Sivagnanam, Director, Ford Middle East & North Africa said in a statement.
Ford also said it is bringing seven new vehicles to North Africa this year and that the growing automotive supplier network in North Africa will supply parts to Ford's assembly plant in Valencia, Spain and other operations.
"In order to support our production expansion just across the Mediterranean in Valencia, the amount of parts Ford sources in Morocco and North Africa will increase exponentially," Sivagnanam added. "This translates into thousands of indirect jobs and millions of dollars in investments."
Separately, TheStreet Ratings team rates FORD MOTOR CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: