Emmanuel Thomas, DPA, Monday, May 22, 2023
MUNICH – German automotive supplier and tyre manufacturer Continental has sold its plant in the Russian city of Kaluga to Russian company S8 Capital, the firm said on Monday.
Financial terms and further details of the transaction were not disclosed. The sale also includes a distributorship in Moscow that belonged to the Tires group sector.
At its Kaluga plant, some 200 kilometres south-west of Moscow, Continental had produced passenger tyres, air conditioning and power steering lines, among other products.
With the decision to sell the plant, Continental has divested the majority of its business in Russia as part of its previously announced controlled exit from the country over Moscow’s war against Ukraine.
The German company continues to own shares in the joint venture with the Russian firm Mettem for the production of tachographs in Chistopol. Here, the sales process is at an advanced stage, but regulatory approvals are still pending.
The ContiTech group sector also has sales offices in Moscow, where Continental continues to aim for a controlled withdrawal.
