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Canadian auto parts producer divests plants in Russia

Magna assets in Russia comprised worksites in automobile clusters in St. Petersburg, Nizhny Novgorod, Kaluga and Naberezhnye Chelny

MOSCOW, August 11. /TASS/. Magna International, a Canada-based auto parts manufacturer, sold its assets in Russia for $15 mln in early August, the Kommersant daily reports.

Magna International informed in its second quarter report for this year that it had completed its withdrawal from investments in Russia for $15 mln on August 1, the news outlet said. The Canadian company wrote off $376 mln in the second quarter of last year amid the suspension of operations of its Russian plants.

According to data from the SPARK analytical system, at least four out of five Russian subsidiaries of the Canadian manufacturer were transferred to the E-Mobile company. Magna assets in Russia comprised worksites in automobile clusters in St. Petersburg, Nizhny Novgorod, Kaluga and Naberezhnye Chelny. The company supplied plastic and steel parts and seats to the largest automakers in Russia, the newspaper said.

Anti-Russian sanctions

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