Mitsubishi Motors has reached a deal to purchase a production plant from rival Ford Motor Co. in the Philippines.

The automaker will spend at least 10 billion to 15 billion yen ($97 million-$145.7 million) on its new plant, according to a report by Reuters.

The transaction was revealed by a source with knowledge and quoted by the Nikkei newspaper today, March 31.

Mitsubishi Motors is "increasingly relying" on Southeast Asia to increase its annual auto sales, according to the newspaper.

Ford has not used the plant since halting operations in 2012.

Ford used the production plant to make SUVs before shutting it down, according to Reuters.

The plant should come in handy for Mitsubishi as it will be able to produce over 30,000 vehicles there every year.

"The plant has an annual production capacity of approximately 40,000 vehicles," the newspaper said.

A time frame for when the plant is expected to be reopened under new management has not been announced yet by Mitsubishi. 

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