NANTERRE, FRANCE (Jan. 9, 1:10 p.m. ET) — France-based Faurecia SA, one of the world’s largest automotive parts manufacturers, plans to invest 30 million euros ($38.1 million) in building two plants for auto parts in Russian city of Kaluga, the country’s automobile cluster.
The first plant is expected to produce exhaust systems for combustion engines, while another one on will make interior parts. Both plants will create over 300 new jobs at the initial stage, and production is scheduled to start during the first half of this year.
Nanterre-based Faurecia already have a production site in Russia, which is located in Nizhny Novgorod and produces bumpers for Renault cars.
Faurecia has always had big hopes for Russia. In 2008, the company announced plans to build two factories in St. Petersburg and Kaluga, where the company’s entire range should be produced. However, due to the recession, the implementation of these projects was suspended.