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CORRECTION: $Iskra Avtoelektrika Signs EUR 240m Deal$

Sempeter pri Gorici, 29 September (STA) - Please note that Nexteer Automotive is based in the US, not Germany as wrongly stated in Thursday's copy. Below is a corrected version of the report.

Iskra Avtoelektrika Signs EUR 240m Deal

Car parts maker Iskra Avtoelektrika has signed a EUR 240m deal with the US corporation Nexteer Automotive for the production of electric motors for power steering systems. Regular production under the 14-year contract is to start in mid-2013.

With the contract, Iskra Avtoelektrika is becoming one of the leading global producers of motors for electric servo steering systems and expects considerable growth, the company announced on Thursday.

The project will create 30 new jobs and Iskra Avtoelektrika is introducing new advanced motor production technologies. The new production line will also comply with the company's strategy of moving to green technology projects with high added value.

The electric motor made by Iskra Avtoelektrika has several advantages over regular motors, including less noise, increased lifespan, power and torque, while it is also more efficient and can save up to half a litre per 100 kilometres.

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