S8 Capital bought Continental assets in Russia
[ad_1]
Diversified holding S8 Capital has completed a deal to acquire the assets of tire manufacturer Continental Global Holding Netherlands BV, which owns a tire plant and distributor in Russia. This was reported in the press service of S8 Capital, writes “Kommersant”.
It is specified that in the near future the plant and the distribution company will be renamed. The company assured that the quality of the manufactured products will remain at the same level.
The value of the deal was not disclosed. According to Kommersant, it could amount to about 7-10 billion rubles, which is comparable to 87 million euros, in which Continental estimated its assets.
About what Continental signed an agreement with Industrial Assets C8 JSC on the sale of its stake in the trading company Continental Tires Rus became known at the end of April. According to Kommersant, C8 Industrial Assets JSC is associated with Armen Sargsyan’s S8 Capital. His company develops IT solutions in the financial sector, retail, telecommunications, e-commerce and media, and also owns Stoloto. Sargsyan himself is called a partner of Alexander Varshavsky, who is a co-owner of Avilon, who bought the Volkswagen plant in Kaluga.
Continental has suspended tire production in Kaluga after the start of a special operation in Ukraine. On April 20, 2022, Reuters reported, citing a company statement, that the Kaluga plant had temporarily resumed operations to meet local demand. Then the governor of the Kaluga region, Vladislav Shapsha, announced that the plant would resume work on August 1, 2022 in a volume that would satisfy the needs of the market. The Continental plant in Kaluga was opened in 2013. It produces tires of three brands: Continental, Gislaved and Matador, with a capacity of 3.3 million tires per year.
[ad_2]
Source link
