The German tire manufacturer Continental sold its assets and left the Russian market.
The German manufacturer of tires and auto parts Continental sold the plant near Kaluga and left the Russian market. Image reports.
Closing the transaction for the sale of the business has become known today. The buyer is the Russian holding S8 Capital. The value of the deal was not disclosed.
The business opened in June 2014 near Kaluga. About 1100 jobs were created. The plant produced car tires and various parts. In 2014, Continental reported that it had invested 24 million euros in the plant.
Like many other European companies, Continental announced its withdrawal from Russia after the outbreak of a full-scale war in Ukraine.
Continental AG is a German manufacturer of tires and auto parts. The company ranks second in Europe and fourth in the global tire market. The company’s factories are located in Germany, Belgium, Chile, France, Great Britain, Portugal, Sweden, Luxembourg, the Czech Republic, Turkey, Spain and the USA.
Recall that earlier the German automobile concern Volkswagen Group announced the completion of the sale of its shares in the Russian business to a local investor.
Source: korrespondent
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