Continental said it had sold its Kaluga plant to Russian company S8 Capital.
The German supplier produced passenger car tyres, power steering lines and parts for air suspension systems at the site for the local market.
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With this sale, Continental says it has “divested the majority of its activities” in Russia as part of its controlled withdrawal from the market in response to the conflict in Ukraine.
The purchase price was not disclosed.
Continental and S8 agreed 1,100 employees would be taken over as part of the deal.
Continental said it continues to own shares in the joint venture with Russian company Mettem and the sales process for this “is at an advanced stage”.
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By GlobalDataThe ContiTech group sector has sales offices in Moscow with around 30 employees.
Continental said it continued to aim for a controlled withdrawal.
