Continental sells Kaluga, Russia tyre factory to S8 Capital
Continental opened its Kaluga plant in October 2013; within 5 years it had produced 10 million tyres (Photo: Kaluga Region)
On 22 May, Continental confirmed that it has sold its tyre factory in Kaluga, Russia, to Russian company S8 Capital. That means Continental has now divested the majority of its activities in Russia as part of its aforementioned “controlled withdrawal”. The transaction has been approved by the relevant authorities. Continental and S8 have agreed that employees will be taken over as part of the sales contract. No price details have been disclosed.
As well as producing passenger tyres at the plant in Kaluga, Continental also made air conditioning and power steering lines as well as parts for air suspension systems for the Russian market. The sale also includes a distributorship in Moscow that belonged to the tyre group sector.
Continental continues to own shares in the joint venture with Russian company Mettem for the production of tachographs in Chistopol with around 10 employees. Here, the sales process is at an advanced stage, but regulatory approvals are still pending.
The ContiTech group sector also has sales offices in Moscow with around 30 employees. Here, too, Continental continues to aim for a controlled withdrawal.
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