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Gaz OAO's Group and Magnetto Wheels to Set up Hubcap JV-Interfax

Thursday, 12 Sep 2013 06:36am EDT 

Interfax reported that Gaz OAO's group (GAZ) and Italy's Magnetto Wheels, the wheel division of CLN S.p.A, have struck a deal to set up a joint venture (JV) for the production of hubcaps in Nizhny Novgorod, an Interfax correspondent reported from the signing ceremonies. GAZ group President Mr. Bo Anderson said the future enterprise's product will be supplied to the Gorky automobile plant's partners General Motors, Volkswagen, and Daimler. The plan is that the joint venture will be commissioned in 2015, and production volume is expected to be 2.5 million hubcaps per year. Mr. Anderson said the automotive plant will provide the new JV with a building, infrastructure, and specialists. The Italian company will supply technology, equipment, and contracts with buyers. 

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