22 Sep '09
Volgograd Plant of Tractor Parts and Normals (VZTDN), Globex Bank and German Hormann-Rawema GmbH are to carry out a $62m project to build a springs plant in Volgograd, Interfax reports.
Hormann-Rawema GmbH is the main contractor for the project and will design, supply and install equipment, as well as launch production.
VZTDN is to draft a business plan and financial model of the project.
The project is to be financed with a loan from Globex Bank.
The plant’s projected annual capacity is 3 million strings with hot coiling and 300,000 strings with cold coiling.
The plant is reportedly to create 200 new jobs.
Construction is scheduled to last two years.
The strings are to be used in manufacturing of trains, tractors, cars and other machinery.