Germany's Schaeffler to build 2 bln ruble auto components plant in Ulyanovsk
ULYANOVSK. Dec 19 (Interfax) - Germany's Schaeffler AG will invest 2 billion rubles in the construction of an automobile and industrial components plant in Ulyanovsk, the regional government's press service said statement.
An agreement on the project has been signed by regional Governor Sergei Morozov, Ulyanovsk Region Development Corporation general director Dmitry Ryabov and LLC Schaeffler Manufacturing Rus chief executive Mikhail Volkov.
The company plans to manufacture hub bearings for trucks and cars, clutches, engine components and belt drive parts at the plant, which is scheduled to open in 2014.
"The plant in Ulyanovsk will become part of our global production chain and will manufacture products for both the automotive industry and for industrial applications. Overall investment will total about 2 billion rubles," the statement quotes Schaeffler Group chairman Jurgen Geissinger as saying.
This will be the company's first manufacturing facility in Russia, the press service said.
Volkov said the plant will be located on a 22-hectare site in the Zavolzhye industrial zone.
Schaeffler, the world's second largest producer of bearings, has 180 plants in 50 countries and a workforce of about 76,000. The automotive industry accounts for about 60% of the company's sales.