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Ford and Sollers pen an agreement on creation of a new auto JV business in Russia

Author: Irina Kozlova Section: Business News
Tags: Sollers
U.S.-based autogiant Ford Motor Co. and Russia’s auto-firm Sollers have signed an agreement to establish an equal stake joint venture (JV) in Russia. The agreement was penned by Ford Europe chairman and CEO Stephen Odell and Sollers CEO Vadim Shvetsov at an official ceremony attended by Prime Minister Vladimir Putin. The new business unit, named Ford Sollers, is scheduled to start operations later this year.  Commenting on the deal, Odell called the signing a ‘historic day’ for Ford in Russia. “Together with our partners, we have established a new Ford Sollers business with a clear objective to provide our customers with more Ford products and increased service.” 

In his reply speech, Shvetsov called the partnership with Ford ‘a vital step’ in Sollers’ further development. “We are confident that our mutual efforts in the development of auto production facilities, launching of new product and parts localization will enable us to acquire leading positions in Russia.”