April 4, 2008 -- Russia’s GAZ Group is considering opportunities to set up a host of joint ventures with Canada’s Magna International, said GAZ CEO Sergei Zanozin. The company has interests in aluminum, plastics and other areas and is considering possible forms of cooperation with Magna in line with its project to spin off manufacturers of components, including axels, stampings and molds as well as aluminum sheet.
The joint ventures will be in those areas where the strongest relations between Magna and GAZ have taken shape, said Hubert Hodl, vice president for sales and new business at Magna Europe. Magna has seen the rapid growth of the Russian automotive market and the company has investment projects in St. Petersburg and Kaluga.
Abstracted from Russia & CIS Business and Financial Newswire
