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Russia’s Kamaz to set up 2 joint ventures with Palfinger

August 19, 2014, 15:16 UTC+3 NABEREZHNYE CHELNY
One of the joint ventures will produce hydraulic and telescopic cylinders for the needs of Kamaz
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© EPA/JAGADEESH N

NABEREZHNYE CHELNY, August 19. /ITAR-TASS/. Russian truck producer Kamaz and Palfinger, a company which makes hydraulic, lifting and handling solutions, agreed on Tuesday to establish two joint ventures.

One of the joint ventures will produce hydraulic and telescopic cylinders for the needs of Kamaz, Russian facilities of Palfinger and third companies in Russia and the CIS. The design capacity is 80,000 hydraulic cylinders annually. Kamaz will have a 49% stake in the company.

Another joint venture will be responsible for an assembly center which will install cargo lifting equipment on truck chassis. Kamaz will hold a 51% stake in the company.

The investments were not disclosed. Both deals will be closed until December, Kamaz and Palfinger said in a statement.

Russian major carmaker Kamaz which is ranked 16th in the truck output in the world, has received state guarantees from Russian government to the tune of up to $971 million for 15 years under an investment program meant for up to 2020, Prime Minister Dmitry Medvedev said at a meeting with Kamaz Director-General Sergey Kogogin on Tuesday.

The prime minister said that the specific document had been signed.

The program envisages construction of new car-making plants, finalisation of a cycle of tests of new vehicles and modernisation of the whole technological cycle.

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