Sollers bought Isuzu Rus from the Japanese Isuzu – Kommersant
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Sollers company reported, which closed the deal to buy out a 100% stake in Isuzu Rus, which belonged to the Japanese Isuzu Motors. Sollers will supply spare parts for Isuzu trucks, and also plans to restart truck production at a plant in Ulyanovsk, which was suspended in March 2022. The amount of the transaction is not disclosed.
Isuzu Rus was originally a joint venture between Sollers and Isuzu. However, in 2016, Sollers sold its 50% stake in this company to the Japanese side, as a result of which the share of Isuzu Motors Limited increased to 74%, and to another Japanese company, Sojitz Corporation, to 26%.
Earlier today, Japanese agency Kyodo reportedthat Isuzu Motors left the Russian business, but who exactly bought the company’s assets was not disclosed. Isuzu Motors announced its withdrawal from the Russian market in September last year.
Isuzu Motors has been operating in the Russian market since 2006. The company owned a plant in Ulyanovsk, where it produced trucks and pickups. In 2021, local production produced 3.7 thousand cars, in 2022 it was planned to increase it by 50%. According to the Association of European Businesses, last year Isuzu sold 567 passenger cars and light commercial vehicles in Russia, which is 26.8% less than in 2021. The dealer network included more than a hundred points in Russia, Belarus, Armenia and Kazakhstan.
This is not the first Japanese company whose assets are bought by Solers. So last November Mazda handed over Russian group its share in a joint venture at the Mazda Sollers Manufacturing Rus plant in Vladivostok for €1. However, her condition was the possibility for the Japanese company to buy out a share in the joint venture within the next three years.
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