Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
Continental AG is a German manufacturer of tires, automotive electronics and other components.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedOn August 1, 2022 the Continental plant producing automobile tires started working again in Kaluga. Continental predicts higher margins, selling Russia operations. "The war is the reason for our controlled withdrawal from Russia. This means the sale of our activities, including our factory in Kaluga. We are in advanced stages of the sales process," Setzer said. Continental has sold its plant in Kaluga, Russia, to Russian company S8 Capital. With this step, Continental has divested the majority of its activities in Russia as part of its announced controlled withdrawal from the Russian market – a decision taken by the technology company in response to the war against Ukraine. The transaction has been approved by the relevant authorities.
Temporarily resuming the production of passenger tyres for the local market at our tyre plant in Kaluga if necessary. 23.05.2022: Ambrose Kristzhan is no longer the general director of the organization, Vladimir Vasilievich Barvinok becomes the new general director of the organization. Germany's Continental aims to sell its tyre plant in the Russian city of Kaluga to S8 Capital. Continental decided to leave Russia in March 2023 and has already received permission from Moscow, but asked the American Ministry of Trade to check the deal before closing, the answer is delayed. 23.05.2023: JSC "S8 INDUSTRIAL ASSETS" becomes the new founder of the organization. Records about previous founders were removed: PRIVATE COMPANY LIMITED LIABILITY CONTINENTAL GLOBAL HOLDING NETHERLANDS, SIJIECH HOLDING B.V. and CONTINENTAL GLOBAL HOLDING NETHERLANDS B.V.