Germany’s Continental selling its business in Russia
Continental is selling its assets in Russia (Photo:Caspar Rae\Unsplash)
German car parts supplier Continental AG is to sell its business operations in Russia, the company reported on March 8.
“(The war in Ukraine) is also the reason why we are working toward a controlled withdrawal from the Russian market,” said Continental CEO Nikolai Setzer.
“This includes selling our business operations in Russia — such as our plant in Kaluga. We are already at an advanced stage of the sale process here.”
The regulatory approvals required to ensure its successful conclusion have not yet been made, according to Setzer.
The plant in Kaluga produced about four million Continental, Gislaved, and Matador tires per year.
The plant suspended its work due to Russia’s full-scale invasion of Ukraine and stopped supplying products to Russia in March 2022.
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