We assisted Shaanxi Fast Gear, part of the Weichai Group that manufactures and sells heavy-duty manual transmissions, automotive gears, forgings, and castings worldwide, in creating a joint venture with Minsk Automobile Plant (MAZ), the Belarusian state-owned manufacturer of trucks, one of the largest in Eastern Europe.
The Fast MAZ Ltd joint venture became the 56th resident of the ‘Great Stone’ China-Belarus Industrial Park, its purpose being to organize production of gearboxes for freight and passenger transportation. The plan is to complete construction of the factory by the end of 2020, with the first products being released in early 2021. Total investment amounts to USD 17 million.
Our support covered, in particular, review of the cooperation agreement between FAST and MAZ, verifying compliance with Belarusian law of the establishment documents for the joint venture company (articles of association, minutes of constituent and founders meeting), suggesting necessary amendments to the supply agreement, finalizing the technology licence agreement between FAST and the joint venture company, plus involvement in negotiations with MAZ. The project kicked off in July 2019 when the first phase of construction started.
Advice was provided in collaboration with a major Chinese law firm. From our side the project was led by partner Maksim Salahub with senior associate Viktoryia Mikhnevich and Legal Assistant Anton Zakharau.