ZAGREB (Croatia), October 26 (SeeNews) – Croatian plastic goods producer AD Plastik said on Monday it has formed a 40/60 joint venture company with French automotive parts maker Faurecia, aiming to launch production on the vast Russian market.
“With the forming of this joint venture, AD Plastik foresees the following important effects: ensured cooperation with all auto producers on the Russian market, reduced investment risk and rising profits on the Russian market,” AD Plastic said in a statement to the Zagreb Stock Exchange. The statement did not elaborate on the stakes held by each of the partners.
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The Croatian-French joint venture, set up on September 30, plans to take part in tenders launched by original equipment manufacturers (OEM) and set up production in the Russian town of Luga. The new company will also have factories in other parts of Russia.
($=0.6659 euro)