The tire plant in Kaluga and other Continental assets in Russia are planned to be acquired by S8 Capital. The Russian company, owned by Armen Sargsyan, develops IT solutions in the financial, retail, telecommunications, e-commerce and media sectors. The media also refers to Armen Sarkisyan as a business partner of Alexander Varshavsky, the owner of the Avilon car dealership, who is currently in the process of buying a Volkswagen factory in Kaluga.
Nikolai Setzer, CEO of Continental, said earlier that the company is “well advanced in selling assets in Russia”.
*This material was created by a person who has the status of a foreign agent in the Russian Federation.
For S8 Capital, this is not the first experience of acquiring assets from companies leaving the Russian Federation: in the summer of 2022, the Ministry of Industry and Commerce announced that the group had acquired the Russian operations of the American elevator manufacturer Otis Worldwide Corporation . .
Continental did not comment on the buyer and the terms of the deal, saying only that they are considering various strategies regarding the asset, including a controlled exit from the market.
- “Driving” can be seen on YouTube
Source: Commercial