In March last year, the Continental AG group planned to close its Russian operations, but, as reported in the German press, the company continued to supply products from the Russian Federation, which was criticized. And now the final decision has been made that Continental will leave the Russian market “verifiably”.
According to Continental AG CEO Nicolai Setzer, 2022 presented the company with many challenges due to rising prices for raw materials, energy and logistics. According to the results of the year, the manufacturer suffered a loss of € 850 million, in particular, assets worth about € 87 million were written off due to sanctions in Russia.
Leaving Russia means selling our activities, including our factory in Kaluga. We are at an advanced stage of the sales process.” he noticed.
In addition to the factory in Kaluga, Continental also participates in a joint venture for the production of tachographs in Chistopol. The number of employees of the German manufacturer in Russia — 1.3 thousand people.
Source: Continental