The German company announced its withdrawal from the Russian market.
The tire plant in Kaluga, as well as other Continental assets in Russia, plans to acquire S8 Capital. The Russian company, owned by Armen Sargsyan, develops IT solutions in the financial sector, retail, telecommunications, e-commerce and media. The media also refers to Armen Sargsyan as a business partner of Alexander Varshavsky, the owner of the Avilon auto dealer, who is currently in the process of buying a Volkswagen plant in Kaluga.
Continental CEO Nikolai Setzer said earlier that the company “is at an advanced stage in the process of selling assets in Russia.”
*This material was created by a person who has the status of a foreign agent in the Russian Federation.
For S8 Capital, this is not the first experience of acquiring the assets of companies leaving the Russian Federation: in the summer of 2022, the Ministry of Industry and Trade announced that the group had acquired the Russian business of the American elevator manufacturer Otis Worldwide Corporation.
Continental did not comment on the buyer and the terms of the deal, saying only that they are considering various strategies in relation to the assets, including a controlled exit from the market.
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