German truck and bus maker MAN has signed a $14 million [17 billion Iraqi dinar] deal with Iraqi firm Numoor Al-Bararry to manufacture commercial trucks in Baghdad, according to report from AKnews.
Under the contract, the two companies will establish an assembly line and maintenance workshop, said Peter Mayr, managing director of Terramar Company, which represents MAN.
“What we have signed today … is to run a local assembly of MAN trucks here in Iraq … together with our joint partner Numoor Al-Bararry,” Mayr said.
“The project is scheduled to run next year. We plan to produce 3,000 vehicles per year and will hire around 700 Iraqi workers,” Ali Al-Obaidi, Numoor’s managing director, said.
MAN on Wednesday cut its production in Europe for the third quarter and warned that demand in the region would likely remain reduced for the rest of the year.