By Christian Moess Laursen
Continental said Monday that it has sold it car-tire manufacturing plant in Kaluga, Russia, to Russian investment company S8 Capital.
The German car-parts manufacturer said that the sale marks a step toward divesting its activities in Russia as part of a controlled withdrawal from the Russian market.
Continental didn’t provide any financial figures of the divestment of its plant in Kaluga.
The company said it is in advanced talks of selling its shares in a tachograph-production joint venture with Russian company Mettem Transport Group, and that official approvals are pending.
Continental also said that its ContiTech division has sales offices in Moscow, for which it is also aiming for a controlled withdrawal, it said.
Write to Christian Moess Laursen at [email protected]
Read the full article here