mefro wheels acquires KAMAZ steel wheel production
Sergey Kogonin, General Manager of KAMAZ, commented: “In gaining mefro wheels as a partner we have taken an important step forward in the continuing improvement of our product quality. This will further strengthen our international competitiveness.” Dr. Alfred Fischbacher, Managing Director of mefro wheels and General Manager of the newly formed mefro wheels Russia LLC, based in Moscow, also expressed his satisfaction that contracts have now been signed: “With the acquisition of the KAMAZ plant that is largely devoted to the manufacture of truck wheels, we have decisively extended our market position in Russia. With a plant of our own in this highly attractive future market, we are now in a position to supply high quality wheel products to both KAMAZ and its joint venture partner Mercedes Benz Trucks Vostock, as well as to every other truck producer with a manufacturing presence in Russia now or in the future.”
This transaction marks the first occasion on which a European automotive supplier has purchased a Russian supplier outright, and extends far beyond the usual cooperation through the medium of joint ventures.
The majority of the workforce at KAMAZavtotechnika will be taken over by the newly formed company “mefro wheels Russia Werk Zainsk”. Those employees not involved in wheel production will be integrated into various other KAMAZ Group subsidiaries. mefro wheels has also signed a long-term contract to supply KAMAZ with both steel rims and wheel/tyre units that will be delivered to the truck production lines on a just-in-time basis.
mefro wheels was supported in this transaction by goetzpartners Corporate Finance as M&A consultants and Noerr LLP as legal advisers.