Ford finalizes deal with Russian automaker
Alan Mulally, center, President and CEO of the Ford Motor Company, gestures as he prepares to ring the New York Stock Exchange opening bell. (June 7, 2011) Credit: AP
Ford Motor Co. says it has finalized a deal with Russian automaker Sollers to build cars and other vehicles in Russia.
The companies have lined up $1.4 billion in financing from the Russian development bank for the 50-50 joint venture called Ford Sollers.
The venture is scheduled to start operating later this year.
Ford says the companies signed the deal Wednesday in Moscow with Russian Prime Minister Vladimir Putin.
Ford Sollers operations will include a Ford factory near St. Petersburg that now builds the Focus compact and Mondeo midsize car. Also included are two Sollers factories in Russia.
Ford says the plants will make a variety of cars and commercial vehicles including the Ford Transit van.
