10 Aug 2023 13:44

Avtovaz acquires Tsusho and Atsumitec plants of Toyota auto parts JV in Togliatti - state register

MOSCOW. Aug 10 (Interfax) - Avtovaz has consolidated the Tsusho (65%) and Atsumitec (35%) plats previously controlled by an Toyota auto parts JV, which produced gear shift actuators at a plant in the Togliatti Special Economic Zone (SEZ), according to data from the Unified State Register of Legal Entities.

The automaker became the owner of 100% of Atsumitec Toyota Tsusho Rus LLC (ATT Rus LLC) on August 9. Now 99% of the company's shares belong to AvtoVAZ JSC and another 1% to Lada-Image JSC, the group's spare parts distributor.

The ATT Rus plant, designed to produce 400,000 gearboxes and automatic transmissions, was opened in the Togliatti SEZ in spring 2016. Production was due to reach full capacity by 2020. As one of the top managers told Interfax at the launch ceremony, about 750 million rubles were invested in construction, which, as the company expected at the time, would pay for itself in 10 years.

The main consumer of the ATT Rus plant's products was AvtoVAZ, which was supplied under the contract with the Renault-Nissan alliance. Shipments were also made to GAZ facilities in Nizhny Novgorod.

According to ATT Rus LLC reporting for 2022, the company notified the automaker back in late November of its intention to suspend operations by Q2 2023 and, accordingly, to stop deliveries. However, as a result of negotiations, this timeframe was extended through the end of H1 2023.

According to the SPARK-Interfax system, the revenue of ATC Rus LLC in 2022 sunk 45% to 359.4 million rubles, with the company posting a net loss of 106.9 million rubles compared with profit a year earlier.