Magna has left the joint venture with Avtotor in Kaliningrad Automotive Cluster

RNS – Car manufacturer from Kaliningrad: Avtotor has consolidated 100% of the joint venture with the Canadian automotive component producer Magna NN2. Avtotor Holding has become the sole owner of the company as of the end of February 2017. The company had 60% of the shares previously, the remaining 40% belonging to the Austrian structure: Magna – Magna Metalforming.

Magna NN2 used to own a dormant industrial assembly agreement. 40% of the company was acquired by Avtotor in 2012, in order to benefit from the customs privileges proposed by the agreement after April 2016, following the end of the special economic zone regime in Yantar, where Avtotor facility is situated.

The joint venture was established with Magna, for the purpose of the implementation of the auto-cluster project in Kaliningrad Region, on the basis of Avtotor. The estimated capacity of the project is 100,000 automobiles per year, to be increased to 250,000. German manufacturer BMW is conducting the arrangement negotiations of the auto-cluster.