Schaeffler to Build First Plant in Russia

Germany's Schaeffler Group has won approval to erect a 2 billion-ruble (€49 million) factory in the eastern city of Ulyanovsk, Russia.

Precision ball bearings maker Schaeffler plans to use the facility its first in Russia to begin supplying unspecified components to its automotive customers in the country by early 2014.

Schaeffler is among the foreign suppliers opening plants in Russia as the country's trade policy encourages overseas automakers to produce vehicles there.