Advertisement
UK markets closed
  • FTSE 100

    8,317.59
    -21.64 (-0.26%)
     
  • FTSE 250

    20,770.93
    +139.63 (+0.68%)
     
  • AIM

    810.02
    +5.00 (+0.62%)
     
  • GBP/EUR

    1.1737
    +0.0000 (+0.00%)
     
  • GBP/USD

    1.2739
    +0.0041 (+0.32%)
     
  • Bitcoin GBP

    53,858.44
    +718.32 (+1.35%)
     
  • CMC Crypto 200

    1,439.18
    -28.92 (-1.97%)
     
  • S&P 500

    5,304.72
    +36.88 (+0.70%)
     
  • DOW

    39,069.59
    +4.33 (+0.01%)
     
  • CRUDE OIL

    77.80
    +0.93 (+1.21%)
     
  • GOLD FUTURES

    2,335.20
    -2.00 (-0.09%)
     
  • NIKKEI 225

    38,646.11
    -457.11 (-1.17%)
     
  • HANG SENG

    18,608.94
    -259.77 (-1.38%)
     
  • DAX

    18,693.37
    +2.05 (+0.01%)
     
  • CAC 40

    8,094.97
    -7.36 (-0.09%)
     

Russian carmaker Sollers to buy out Mazda's stake in Vladivostok plant

FILE PHOTO: Employees work on the production line of the CX-5 model car at the Mazda Sollers Manufacturing Rus joint venture plant of Sollers and Japanese Mazda in Vladivostok

MOSCOW (Reuters) -Russian carmaker Sollers will buy out Japanese auto maker Mazda's 50% stake in their joint venture car assembly plant in Vladivostok, Sollers said on Thursday.

In a results statement on Thursday, Mazda said the deal would be worth one euro, bring it the right to buy the asset back for the same amount within three years.

Mazda, which took 1.8% of the Russian car market last year, said in March it would stop supplying parts to the plant and production would eventually cease, as it joined some Western manufacturers leaving Russia over its actions in Ukraine.

The plant had the capacity to make 50,000 cars a year.

ADVERTISEMENT

All approvals for the sale of Mazda's stake in the plant to Sollers have been granted, a Sollers spokesperson said, adding, "We are preparing to restart the plant next year with a new model line-up."

(Reporting by Gleb Stolyarov; Writing by Caleb Davis; Editing by Jane Merriman and Clarence Fernandez)