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Kamaz OAO and Palfinger AG agree on two joint ventures in Russia

Monday, 18 Aug 2014 08:00pm EDT 

Kamaz OAO:Says that PALFINGER AG and Kamaz have agreed to establish two joint venture companies in Russia.The PALFINGER Group will hold 49 per cent and the KAMAZ Group 51 per cent in the joint venture focusing on mounting, which will specialize in truck bodies.The joint venture company will equip trucks with loading and handling systems.In addition to the existing dealer network of KAMAZ, the establishment of a separate network of dealers and service centres is planned.The company will have its registered office in Naberezhnye Chelny in Tatarstan, not far from the headquarters of the KAMAZ Group.The objective is to deliver more than 3,000 truck bodies per year by 2019.PALFINGER’s stake in the cylinder production joint venture will be 51 per cent.PALFINGER will acquire this interest in the existing cylinder production of KAMAZ in Neftekamsk in the Bashkortostan region and will invest in modernization of the plants.A targeted 80,000 cylinders for cranes, trucks and building machinery are to be built there by the year 2019.Subject to the necessary approvals, the closing of both transactions and hence the foundation of the new joint venture companies is planned for the end of Nov. 

Company Quote

30 Oct 2014