RNS Number:5830Q
Acertec PLC
20 March 2008
FOR IMMEDIATE RELEASE 20 March 2008
ACERTEC PLC ("ACERTEC")
RUSSIAN JOINT VENTURE WITH GESTAMP AUTOMOCION ("GESTAMP")
On 30 April 2007, Acertec announced that its Stadco division ("Stadco") had been
awarded a supply agreement with Ford that would see Stadco establish the first
dedicated body-in-white ("BIW") stampings and assembly facility in Russia to
supply major international OEMs.
On 21 November 2007, Acertec announced that Stadco had agreed to develop its
Russian business as a 50/50 joint venture with Gestamp Automocion SL ("Gestamp")
and that Gestamp would be providing the initial funding to start the required
investment in the project.
Acertec is pleased to announce that the joint venture agreement has now been
signed and that Stadco and Gestamp have formed a new joint venture company in
Spain, Gestamp Stadco Holdings SL. The joint venture company will own 100 per
cent of the Russian business which will be renamed Stadco Gestamp LLC.
The joint venture is making good progress in establishing the stampings and
assembly facility in Russia. The construction phase is underway, with machinery
installation on course for the summer months. The factory is expected to be
completed and tested by the end of the year, ready for production to start at
the beginning of 2009.
Stadco is a leading supplier of BIW stampings and assemblies to the automotive
industry in Europe. Gestamp is a major global supplier of BIW components to many
of the world's leading vehicle manufacturers.
Enquiries:
Acertec plc 01789 403070
James Kerr-Muir, Chairman
John Sword, Chief Executive
Hawkpoint (Nominated Adviser) 020 7665 4500
David Renton
Weber Shandwick Financial 020 7067 0700
Nick Oborne / Rachel Martin / Charlie Hooper
This information is provided by RNS
The company news service from the London Stock Exchange
END
JVEILFLFVTIIFIT
|