4 Oct '07
Russian automobile components producer IVK and French company Valeo are to set up a joint venture to manufacture components for Avtoframos factory. IVK is located in the town of Gorodets, the Nizhny Novgorod region, and is a subsidiary of electronic components producer ITELMA.
IVK reports that 200 million rubles ($8m) has been invested in construction of the joint venture. IVK is to construct and commission production premises with a total area of 13,000 square meters by April 2008.
By the end of 2007, the number of IVK’s employees is to reach 280 people, 95% of them being citizens of Gorodets and the Gorodets district. The average salary in April 2007 stood at 7,200 rubles ($290).
By 2010 the company projects to build new production buildings with a total area of 21,000 square meters.