September 3 (SeeNews) - Croatian manufacturer of plastic components for the automotive industry AD Plastik [ZSE:ADPL] said on Tuesday it has signed 46.5 million euro ($50.9 million) worth of deals in Russia.
In particular, AD Plastik has signed new deals worth 24 million euro with the Renault-Nissan-AvtoVAZ Alliance for the Lada Granta model that will be produced in their plant in Togliatti, the Croatian blue-chip company said in a Zagreb bourse filing.
AD Plastik's Togliatti plant in Russia will manufacture headliners, vehicle chassis covers, mud flaps and rear bumper covers for the Lada Granta, the company explained.
In addition, the Croatian company signed 12 million euro worth of deals with the same customer for producing headliners for the new Renault Logan and Sandero models.
"The start of serial production for these models is planned for the second and third quarters of 2021, with an estimated project duration of eight years," the statement said.
AD PLastik has also sealed a 10.5 million euro contract with Volkswagen for producing trunk trims for the VW Tarek and Skoda Karoq models in its Kaluga plant in Russia.
The start of serial production of these models is planned for the end of 2020 with an estimated project duration of seven years, AD Plastik elaborated.
Local media reported last week that AD Plastik is looking to employ an additional 150 workers in its plant in Croatia's Zagreb by the end of the year, in order to facilitate the launch of serial production of components for Renault Clio 5 and Ford Puma.
AD Plastik's shares closed 0.58% lower at 170 kuna on the Zagreb Stock Exchange on Monday. There was no trading in the shares by 1015 CET on Tuesday.
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