Taurus approaches automotive joint venture

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SAO PAULO (Reuters) – Brazilian arms maker Taurus (TASA3; TASA4) said on Tuesday that its board of directors approved a longer deadline for a joint venture agreement with a Brazilian automotive company.

The company did not provide the name of the company with whom it discusses the partnership, but stated that it is an “important Brazilian automotive company, active in the national market” and that the partnership involves “the manufacture of small arms accessories to the national market and International”.

Taurus’ board of directors approved an additional 10 days for the conclusion of negotiations, which started earlier this year, according to a relevant fact.

“The negotiations are very advanced, with only technical details to finalize the agreement, which we believe will happen in the next few days,” said Taurus.

According to the company, the joint venture “will bring Taurus a new global strategic positioning, consolidating the company in a prominent position in the world arms market and aligned with the movements of the sector, as well as promoting the entry into a new business segment, within our small arms business ”.

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