Manturov: the deal to sell Russian assets of Volvo did not include a reverse option

Transaction to transfer the assets of the automaker Volvo the Russian investor did not include a buyback option, said Industry Minister Denis Manturov.

On the sidelines of the international industrial exhibition “Innoprom Kazakhstan” Manturov, answering the corresponding question, clarified: “Volvo – without an option” (quote from TASS).

On September 8, the Ministry of Industry and Trade announced that Volvo’s assets were transferred to a Russian investor. The ministry then clarified that, together with the new owner, they had identified a Russian partner for the further development of production at the concern’s site, and work continues to restart it as soon as possible. As a result, operational control over production received Igor Kim’s team from Expobank.

The Volvo Group was considering various options for optimizing its business in Russia, including its complete or partial sale. In October last year, the company said that it could not conduct operations in the current situation, “so a decision was made to adapt the business and begin reducing the number of employees.”

Russian assets Volvo include factories for welding and painting cabs, as well as the assembly of trucks for 15,000 units of equipment per year in Kaluga and four service centers for their maintenance in different cities of the country. The production site was stopped after the start of a special operation in 2022.