AvtoVAZ Looks For Second Partner
Russia’s automobile giant, AvtoVAZ, sealed an agreement with Canadian Magna to construct a new automobile maker. Meanwhile, AvtoVAZ is looking for the second partner, the one that will develop the existing production. Renault could become such partner actually, the analysts forecast, while the sources with AvtoVAZ emphasize the painstaking nature of negotiations.
AvtoVAZ and Magna sealed an agreement to develop a new automobile platform of Class C, AvtoVAZ announced Friday. A new plant of AvtoVAZ, which the partners will construct in Toliyatti by late 2009, will produce from nine to ten models based on this platform.
At the same time, AvtoVAZ is looking for the second partner, willing to find it during two years, said Boris Aleshin, chief of the Federal Industry Agency and chairman of AtvoVAZ board of directors. Together with this investor, AvtoVAZ will rebuild and update the existing facilities. The carmaker is ready even to part with a portion of its stocks, transferring it to a new partner, Aleshin announced without specifying the size of the stake.
So, AvtoVAZ managers have apparently revised their development plans for the company. The previous policy was to independently restructure the plant, outsourcing auxiliary production and social facilities.
Today’s idea of AvtoVAZ is to sell at least a blocking stake to a strategic investor, said a source close to its top mangers. Backed up by it, AvtoVAZ will be able to restructure and upgrade some facilities, the source specified.
www.kommersant.com
All the Article in Russian as of Dec. 25, 2006
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