MMK Goes Automotive

MMK has acquired a 75% interest in ZAO Intercos-IV.

Intercos-IV, a company set up in St.Petersburg in 1992, is a manufacturer of large-size stamping dies weighing up to 70 tons and stampings for the automotive and white goods sector.

Through the acquisition of a controlling interest in Intercos-IV MMK will give further impetus to the manufacturing company’s development. It is expected that by 2011 St.Petersburg will become home to assembly plants of Ford, Nissan, Toyota and other global auto makers producing up to 1 million cars per year.

The acquired interest is also in line with MMK’s strategic plans of becoming a supplier for the automotive industry. The transaction will secure MMK’s presence on the steel markets of Russia’s North West and make it a prominent supplier of dies and stampings for international companies operating in Russia.