Russia’s AvtoVAZ has split off six of its subsidiaries
By Andrew C., 30 Aug, 2010. 0 Comments
AvtoVAZ has split off six of its subsidiaries from its main automaking business and could potentially sell them off, its president Igor Komarov said on Tuesday. AvtoVAZ is different from other carmakers since it is a multifaceted company that produces most of its own parts.
The Russian carmaker, which is best known for manufacturing Ladas, is currently trying to re-invent itself as a modern, streamlined manufacturer. The split-off subsidiaries, which employ 30,000 people, are tasked with steelmaking, press-work, mechanical assembly and production of instruments. These workers, who represent about a third of the 94,000 total number of employees, will work for the new companies that will be created. Komarov said that the company is searching for the optimum format ‚ in the shape of a subsidiary, a joint venture with a foreign producer ‚ for each industry. He also said that they‚Äôre looking for a seamless way to pass off the asset of certain groups to another group. Komarov said that the AvtoVAZ is actively searching for investors for these companies.
[via autonews - sub. required]
Latest Auto Shows
