MOSCOW, May 22. /TASS/. S8 Capital Holding finalized the deal to acquire the Russian assets of German company Continental AG, the press service of S8 Capital reported on Monday.

"Diversified holding S8 Capital has completed a deal to acquire Continental AG's Russian assets," the press reservice said. The deal included a tire manufacturing plant in the Kaluga region with a production capacity of up to 4 mln tires per year and a company distributor of finished products.

S8 Capital noted that tire production will continue at its Kaluga factory and around 1,100 staff will be retained.

On March 8, 2022, German tire manufacturer Continental announced the suspension of production and business in Russia, primarily the production of tires and components at the plant in Kaluga. The company also suspended exports of its products to Russia. Later, Continental decided to reopen its plant in Kaluga.

Later in 2023, Continental announced that it will continue to seek a controlled exit from the Russian market.