Magna International is expected to start building a components plant in St. Petersburg in early 2009, Maxim Sokolov, chairman of the city government’s investments and strategic projects committee, has said.
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The plant is expected to be launched in mid-2010, Sokolov said.
According to earlier reports, Magna is expected to invest over US$50m in the plant, which will be built in the city’s Shushary industrial area
Magna struck an alliance last year with Russian oligarch Oleg Deripaska, who now owns 42% of a holding company that controls Magna.
Derpaska’s GAZ Group launched serial production earlier this year of its previous-generation Dodge Stratus/Chrysler Sebring-based Volga Siber in a factory with capacity of up to 100,000 a year.
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By GlobalDataManufacturing expertise on that project was provided by Magna.
