HANOVER (dpa-AFX) - Continental AG (CTTAY.PK), a German automotive parts maker, said on Monday that it has sold its plant in Kaluga, to Russian company S8 Capital. Financial terms and further details of the transaction and were not disclosed.
The sale also includes a distributorship in Moscow that belonged to the Tires group sector.
At its Kaluga plant, Continental had produced passenger tires, air conditioning and power steering lines, and others.
With this, Continental has divested the majority of its business in Russia as part of its previously announced controlled exit from the country.
The German company continues to own shares in the joint venture with the Russian firm Mettem for the production of tachographs in Chistopol. 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, where Continental continues to aim for a controlled withdrawal.
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