MADRID (AP) -- U.S. automaker Ford has announced an €812 million ($1.2 billion) investment for its plant in the Valencia region of eastern Spain.
Ford Europe chief executive officer Stephen Odell said at an event in Valencia Tuesday the investment will create hundreds of jobs in a country with a 21 percent unemployment rate.
The investment at the plant in Almusafes will create assembly lines for two new models: the all-terrain Kuga and a van called the Transit Connect.
In 2009 Ford announced a €300 million investment in the plant to make C-MAX family-size cars and EcoBoost engines.
Spanish Industry Minister Miguel Sebastian said the new investment will guarantee the future of the Almusafes plant for decades and shows that Spain is still an attractive place to invest.