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PRICE WATERHOUSE AUDITS RUSSIAN AUTOMAKER

 WASHINGTON, Dec. 7 /PRNewswire/ -- Price Waterhouse has been appointed as auditors for the Russian automaker AutoVAZ, manufacturer of Lada automobiles, Price Waterhouse announced.
 AutoVAZ, which already exports its Lada cars to South America, Africa, Europe, Asia and Canada, hopes to become a major manufacturer in the international vehicle market, said V. Kadannikov, general director of AutoVAZ.
 "This is a significant step for us in our goal to becoming a truly international company," Kadannikov said.
 "We are fortunate to have a substantial concentration of skills and experience, but we recognize the challenge we face in moving to the next stages of our development.
 "We have turned to Price Waterhouse to help us meet these challenges and become contenders in the global business arena," he said.
 Another important role for Price Waterhouse will be to internationalize the business practices and strengthen its international contacts of AutoVAZ.
 Price Waterhouse will also be part of various management teams to help reorganize the company's operations and train the AutoVAZ staff in modern management practices.
 AutoVAZ is the largest producer of automobiles in Russia. Since January, the company has been registered as an open joint stock company.
 "We are deeply committed to the management and workers of AutoVAZ to become part of their team and help them realize their full business potential," said Bill Kirst, managing partner of Price Waterhouse, Europe.
 Price Waterhouse already has a team of auditors and advisors in Togliatti, Russia, to work alongside AutoVAZ employees.
 Since 1989, Price Waterhouse operated a permanently staffed office in Moscow, the first Western accounting firm allowed to operate as a wholly owned subsidiary. The firm holds a leading position in Russia and the former Soviet Bloc nations, offering a full range of audit, tax, accounting and consulting services.
 For more information on the contract, contact Betsy L. Freeman of Price Waterhouse, 202-728-9781.
 Price Waterhouse is committed to providing the ideas, information and advice that will help clients make better business decisions. Through a global network of firms practicing in 117 countries and territories, Price Waterhouse employees work together to provide accounting, auditing, tax planning and compliance, management and technology consulting, litigation support and business advisory services to corporations, individuals, non-profit organizations and government departments and agencies. The U.S. firm, with 106 offices and 12,995 men and women, is a vital part of the Price Waterhouse worldwide network.
 -0- 12/7/93
 /CONTACT: Betsy Freeman, marketing communications manager of Price Waterhouse, 202-728-9781/


CO: Price Waterhouse; AutoVAZ ST: District of Columbia IN: AUT SU:

MH-IH -- DC002 -- 1175 12/07/93 09:42 EST
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Publication:PR Newswire
Date:Dec 7, 1993
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