S8 Capital acquires Russian assets of tire manufacturer Continental – Kommersant
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The diversified holding S8 Capital has completed a deal to purchase the Russian assets of the German tire manufacturer Continental. The deal included a tire manufacturing plant in Kaluga and a distribution company (Continental Tires Rus LLC and Continental Kaluga LLC). In the near future, all assets will go through rebranding. This is stated in the company’s release, Kommersant has it.
“The diversified holding S8 Capital has acquired the Russian assets of Continental in order to further develop them… In the near future, these assets will undergo a rebranding (renaming) procedure, while the quality of products will continue to meet the highest international standards of the global player in the tire industry,” said Thorsten, manager of S8 Capital Schubert.
The value of the deal was not disclosed. According to Kommersant, it could amount to 7-10 billion rubles. – this is comparable to € 87 million, as Continental itself estimated its assets.
S8 Capital will continue tire production at the plant in the Kaluga region. Its capacity is 4 million tires per year, it employs about 1,100 employees. It was idle from March to August 2022 due to the company’s decision to suspend production amid the military operation in Ukraine.
In July 2022, S8 Capital acquired the assets of the American Otis Elevator Company, in April of this year, the assets of the German Bosch in Engels.
Read more about the deal – in the material “At the exit from the Russian Federation, Continental stalled in the USA”.
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