Bridgestone says sells Russian business to S8 Capital

MOSCOW, Dec 20 (PRIME) -- Japanese tire producer Bridgestone has sold its assets in Russia to holding company S8 Capital, the company said in a statement on Wednesday.

"Bridgestone Europe NV/SA announced the sale of its Russian assets to S8 Capital, a Russian diversified holding company. The deal has received all necessary regulatory approvals. The agreement includes a tire manufacturing plant in Ulyanovsk and a sales and marketing office in Moscow," the company said.

Under the deal, about 1,000 employees will transfer to S8 Capital as well, the company said.

Bridgestone announced suspension of its plant in Ulyanovsk, of tire exports to Russia, and of new investment into the country in March 2022.

Bridgestone has been present in Russia since 1998.

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