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German Continental confirms sale of Russian assets to S8 Capital Holding

Earlier, the press reservice of S8 Capital said that the holding had completed the deal to acquire Continental AG's Russian assets

BERLIN, May 22. /TASS/. The German company Continental AG has confirmed the completion of the deal to sell its Russian assets to S8 Capital Holding.

"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," the concern’s press service said in a statement on Monday. "The transaction has been approved by the relevant authorities," the company added.

Earlier, the press reservice of S8 Capital said that the holding had completed the deal to acquire Continental AG's Russian assets. Tire production will continue at the Kaluga factory, the company said, adding that around 1,100 staff will be retained.

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

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