June 19, 2008 / 3:41 PM / 10 years ago

Ukraine auto producer Bogdan to open new plant

KIEV, June 19 (Reuters) - Ukrainian carmaker Bogdan is to open a plant in the central town of Cherkassy capable of producing 120,000 vehicles a year, the company’s president said on Thursday.

Oleg Sinarchuk told a news conference the new plant, to open on Friday, covered 120,000 square metres, and was built over two years at a cost of $300 million.

He said the facility would be used to produce two models of Lada (AVAZ.MM) and three of Hyundai (005380.KS). Bogdan also produces KIA (000270.KS) and VAZ cars and various types of of buses at plants in Cherkassy and the western town of Lutsk.

Bogdan recorded net profit in the first quarter of 2008 of 39.151 million hryvnias ($8.1 million), 2 1/2 times the figure in the same period of 2007.

Ukraine’s carmaking industry is one of the fastest growing in the central European region. (Reporting by Yuri Kulikov, writing by Ron Popeski)

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