May 15, 2023

Continental to sell Russian Plant to S8 Capital

Germany’s Continental (CONG.DE) aims to sell its tyre plant in the Russian city of Kaluga to S8 Capital, the Frankfurter Allgemeine daily reported on Wednesday.

Without citing its sources, the newspaper said that Continental’s supervisory board wanted to sell the plant to S8 but was waiting for approval from Russian authorities.

A spokesperson for Continental declined to comment on speculation but reiterated that the war in Ukraine had prompted it to withdraw from the Russian market. That meant selling business activities in Russia, including the Kaluga plant.

“We are already at an advanced stage of the sales process,” said the spokesperson. …

Source: Reuters

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