2023-05-22 10:15:02
HANNOVER/KALUGA (dpa-AFX) – Automotive supplier and tire manufacturer Continental has taken an important step in its plan to withdraw from Russia. Like many other companies, Conti made this decision in reaction to the Russian war of aggression once morest Ukraine. The plant in the city of Kaluga, which employs 1,100 people, has been sold to the Russian company S8 Capital, the Dax group announced Monday in Hanover. At this plant, Continental manufactured tires for passenger cars and produced air conditioning and power steering lines as well as parts for air suspension systems for the Russian market. Also, the tire distribution company in Moscow is part of the sale. The transaction has been approved by the relevant authorities, it was added. The parties have agreed not to disclose the purchase price or other details.
According to Conti’s information, therefore, there remain in Russia sales offices in Moscow with around 30 employees, as well as shares in a joint venture for the production of tachograph graphics in Chistopol with around 10 employees./lew/mis/ stk
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