17 Dec 2007
Renault becomes the strategic partner of AvtoVAZ
Sergey Chemezov, Head of Russian Technologies, Chairman of the Board of
AvtoVAZ, Serguei Skvortsov, President of Troika Capital Partners and Carlos
Ghosn, President and CEO of Renault signed on December 8, 2007 a
Memorandum of Understanding (MOU) in Togliatti, Russia.
This partnership would allow AvtoVAZ and Renault to:
- Accelerate the development of AvtoVAZ, renew and expand its vehicle
- Grow the Lada brand while respecting its identity, in order to maintain
- Share technological expertise and know-how
Russian Technologies, currently representing the main shareholder of
AvtoVAZ, would keep an interest in AvtoVAZ’s capital and ensure continuous
support from the Russian State.
Russian Technologies and Renault would become equal shareholders of AvtoVAZ in the
spirit of a long-term partnership. Once the capital of AvtoVAZ has been restructured in the
first half of 2008, a holding equally owned by Russian Technologies and Renault would
control a total of 50% of the shares of the company (AvtoVAZ). Renault would become a
significant AvtoVAZ shareholder.
AvtoVAZ and Renault would share know-how and technology particularly in relation to
manufacturing and marketing and with the aim of improving the attractiveness,
competitiveness and overall quality of AvtoVAZ’s products. They would also exchange
executive managers in various fields of expertise in order to optimise integration and
boost the transformation of AvtoVAZ into a global automotive player with a capacity of well
over 1 million vehicles per year.
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