In light of the ongoing conflict in Ukraine, both Continental and Michelin have announced that they have sold different parts of their tire operations in Russia.
Continental has sold its Kaluga plant in Russia to S8 Capital; the facility was used to produce passenger car tires. The tire maker has now divested most of its activities in the country as part of a “controlled withdrawal from the Russian market”. A distributorship in Moscow – belonging to the Tires group sector – has also been included in the sale. The transaction has already been approved by the relevant authorities.
Michelin has also announced that since stopping industrial activities in Russia on March 15, 2022, it has now signed an agreement to sell two of its local companies, Michelin Russia Tyre Manufacturing Company and Camso CIS, to Power International Tires, one of Russia’s main tire distributors.
The agreement has been approved by local authorities and is expected to save 250 jobs mainly in Davydovo, near Moscow.