GAZ Group and Swedish industrial producer FinnvedenBulten have signed a memorandum of understanding to set up a joint venture to produce fasteners at the Gorkovsky automobile plant located in Russia’s Nizhny Novgorod Region, GAZ Group said.
The parties plan to determine the parameters of the joint venture by the end of this year. Production is expected to begin in 2012, Prime-Tass reported.
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The joint venture is expected to develop and produce fasteners used in the automobile manufacturing industry in Russia and countries of the Commonwealth of Independent States (CIS), as well as for consumers in other industries.
The Gorkovsky automobile plant is expected to provide its existing infrastructure and facilities for production and sales. FinnvedenBulten plans to share its own knowledge and experience of products and technologies with GAZ Group.
FinnvedenBulten is one of the leading fastener suppliers for the world automobile industry. The company operates four production sites and seven logistics and sales centers in a number of European and Asian countries, as well as in the US.
