Bogdan Suspended Its Factory Construction
OREANDA-NEWS On 18 November was announced, that Bogdan (PFTS: LUAZ) suspended construction of its automotive factory in Nizhniy Novgorod region (Russia).
Amid financial crisis the corporation has taken a decision not to launch any new project and focus on the current ones. This decision of Bogdan was stipulated by financing of state programs by the Russian Federation.
We would like to remind the reader that the authorities of Nizhniy Novgorod region and LLC United Transport Technologies representing the interests of the joint project of Bogdan and Ukravto corporation (PFTS: AVTO), late December 2006 signed an agreement on automotive factory construction in Nizhniy Novgorod region. The investments into this project would have amounted almost to USD 470 mn, and another USD 300 mn was planned to be raised in the course of the project for localization of parts production in Russia.
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