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Severstal Avto to Make Bodies Jointly with British Stadco
Severstal Avto intends to set up a venture with U.K. Stadco to annually make 150,000 automobile bodies in Russia; the project investments are estimated at above $100 million.
Severstal will set up a venture with U.K. Stadco before late this year to make pressed parts for automobile bodies in Russia, Severstal Avto Sales Director Adil Shirinov said. The capacity of the venture will ensure annual output of up to 150,000 cars; the production startup is slated for mid.-2008.
“Control in the venture is not the matter of principal for Severstal Avto,” Shirinov said when asked to specify exact shares of the parties in the new company.
Establishing pressing production of this capacity may require more than $100 million, speculated Alexey Ipatov, general director of NAMI.
Shirinov said potential capacity of the venture will be enough to provide parts for bodies of cars under the assembly projects of Severstal Avto, first of all for making FIATs in Tatarstan.
www.kommersant.com
All the Article in Russian as of Oct. 09, 2006
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