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Ford finalizes exit from Russia — company

"Ford retains the option to repurchase the shares within a 5-year period, should the global situation change," the company said

MOSCOW, October 26. /TASS/. Ford Motor Company has sold its stake in the Sollers Ford automobile plant and completely curtailed operations in Russia, the US automobile giant said on its website on Wednesday.

"Ford Motor Company has finalized the exit of its previously suspended operations in Russia through the sale of its 49% share in the Sollers Ford Joint Venture," the company said. "The sale follows the full suspension of all operations in Russia, including manufacturing, supply of parts, IT and engineering support, in March this year," the automaker noted.

Shares will be transferred to the joint venture for a par value, Ford informed. "Ford retains the option to repurchase the shares within a 5-year period, should the global situation change," the company added.