Fuyao to build 1.3 billion yuan plant in Russia
Fuyao Glass Industry Group Co., China's largest automotive glass maker, says it will build a plant in central Russia's Kaluzhskaya Oblast region to supply automakers in Russia.
Under the agreement Fuyao signed with the Kaluzhskaya Oblast government last week during Chinese President Hu Jintao's visit to Russia, Fuyao will spend some $200 million (1.3 billion yuan) to build the factory.
The plant will be built in Kaluzhskaya Oblast's industrial park, which is 150 km southwest of Moscow.
The plant will start production before the end of 2012. Its products will be supplied to Russian automaker AvtoVAZ, Volkswagen AG and other global automakers operating in Russia.
Fuyao, headquartered in Fuzhou in east China's Fujian province, is listed on the Shanghai Stock Exchange. The company owns more than half of China's automotive glass market and has become a certified glass supplier to a number of automakers, including General Motors, Ford, Chrysler, Audi, Bentley, Volkswagen, Daimler, PSA Peugeot Citroen, Volvo, Hyundai, Nissan, Toyota and Honda.
