Continental plans to sell Russian tyre plant to S8 Capital -FAZ
Reuters
Published Apr 19, 2023 17:23
Updated Apr 19, 2023 19:22
BERLIN (Reuters) -Germany's Continental aims to sell its tyre plant in the Russian city of Kaluga to S8 Capital, the Frankfurter Allgemeine daily reported on Wednesday.
Without citing its sources, the newspaper said that Continental's supervisory board wanted to sell the plant to S8 but was waiting for approval from Russian authorities.
A spokesperson for Continental declined to comment on speculation but reiterated that the war in Ukraine had prompted it to withdraw from the Russian market. That meant selling business activities in Russia, including the Kaluga plant.
"We are already at an advanced stage of the sales process," said the spokesperson.
S8 is a holding company. According to a LinkedIn page for the company, it is headquartered in Moscow. Last year it agreed to buy liftmaker Otis Worldwide Corp's Russia business.
Russia's Kommersant daily reported last month that S8 Capital wanted to buy Continental's assets in Russia.
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Written By: Reuters
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