In a recent development, Continental Tire announced the sale of its Kaluga plant to S8 Capital. The factory produces Continental tires for passenger cars for the Russian market. Other products that were made there include power steering lines, air conditioning systems, and air suspension systems.
The sale is part of the company’s efforts to withdraw from Russia due to the war against Ukraine. It also includes handing over a distributorship based in Moscow belonging to the group of companies. No details about the price have been released.
The agreement involves taking over the 1,100 employees as well. The tire manufacturer will still remain a shareholder in a joint venture with Mettem for the manufacture of tachographs. It also plans to have controlled withdrawal in other businesses as well.