German auto parts manufacturer Schaeffler sells assets in Russia to an Austrian businessman

German auto parts manufacturer Schaeffler intends to sell its Russian business. The company representative said Reutersthat the Austrian businessman Siegfried Wolf, who is a member of the supervisory board of Schaeffler, could become a buyer. The deal could be valued at €10 million.

This is a factory with 150 employees. According to Der Spiegel, the decision may come against the backdrop of the idea of ​​using factory-produced parts in GAZ Group vehicles. There are sanctions against this company.

As stated in the annual report, the sale contract was signed at the end of 2022. The buyer indicated the company “Promavtoconsult”. However, the shares will first be transferred to a company controlled by Mr. Wolf.

Leonid Uvarchev