Germany's Schaeffler completes sale of Russian business

Schaeffler AG

18/12/2023 10:26

MOSCOW, Dec 18 (Reuters) - German auto supplier
Schaeffler  SHA_p.DE  has sold its Russian business to a company
called PromAvtoConsult, Russian company filings showed, the
latest Western company to exit the country since Moscow's
February 2022 invasion of Ukraine. 
    Schaeffler signed a contract in December 2022 to sell its
Russian operations to PromAvtoConsult for 10 million euros 
($10.92 million), according to its annual report, published in
March. The deal received President Vladimir Putin's approval
last month. 
    It was contractually agreed that the shares would first be
transferred to a company controlled by a member of the
supervisory board, the March report said.
    The assets' ownership changed hands on Dec. 15, the
documents showed. The owner of PromAvtoConsult was listed as
Alexander Gorlov. 

($1 = 0.9160 euros)

 (Reporting by Gleb Stolyarov; Writing by Alexander Marrow;
Editing by Bernadette Baum)
 ((alexander.marrow@thomsonreuters.com;))