Meeting of Minister E. S. Nabiullina and Ford Motor Company CEO А. Mulally
On October 1, 2011 the meeting of Minister E. S. Nabiullina and Ford Motor Company CEO Alan Mulally, with the participation of JSC SOLLERS Director General V. А. Shvetsov, took place in the Ministry of Economic Development of the Russian Federation.
During the meeting there was performed the ceremony of signing the documents on establishing joint venture with the parties’ equal participation by Ford Motor Company and JSC SOLLERS. The joint venture was established to perform the multi-party agreement earlier entered into with the Ministry of Economic Development of the Russian Federation in accordance with a new procedure for “industrial assembly”.
The total amount of investment in the project implementation shall be 74 billion Russian rubles.
Further upgrading and expanding of existing production capacities at plants in Leningrad Oblast and the Republic of Tatarstan, launching a wide range of hi-tech modern and eco-friendly cars in Russia, establishing motor works and a research centre, and arranging stamping operations are contemplated as part of Ford Sollers joint venture. Implementation of these steps shall allow to significantly increase the localization level and develop the component base in the Russian Federation territory.