Mercedes-Benz to sell shares in Russian subsidiaries to local investor

Germany’s automotive manufacturing giant Mercedes-Benz plans to sell its shares in its Russian subsidiaries to the Avtodom dealer, according to a statement released on the Russian Industry and Trade Ministry’s Telegram channel on Wednesday. (REUTERS)

“Avtodom, the new owner of Mercedes-Benz’s Russian subsidiaries, will be able to attract other companies as partners to organize joint production on the basis of the facility in the Yesipovo industrial park,” the statement said.

After the deal is done, the new owner will be able to service the brand’s cars sold in Russia, Deputy Minister Albert Karimov said.

“Thanks to the negotiation process, it was possible to reach the final stage of coordinating the investment deal. It is important that it will ensure the operation of the plant and retain high-qualified jobs and expertise. I would also like to note that following all the agreements, the new owner of Mercedes-Benz’s Russian subsidiaries, the Avtodom company, will be able to provide technical servicing of Mercedes-Benz vehicles sold on the Russian market,” Karimov was quoted as saying.

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