The appliance manufacturer Bosch will sell its factories near St. Petersburg to the Turkish investment fund Can Holding for more than 20 million dollars and the company has already fired the 30 managers who remained in Russia and who were dedicated to selling equipment to retailers.
Can Holding intends to produce refrigerators, washing machines and integrated appliances in Russia under its own brands (Awox, Seikon, Telefox and Energia and others), as well as provide contract manufacturing capacity to other suppliers. The terms of the agreement do not imply a buyback, Kommersant reports citing a source.
In June, the main contender for the purchase of the German manufacturer’s factories was the Chinese Hisense. In 2022, the cost of capacity was estimated at 3.8 to 4.4 billion rubles.
Bosch suspended production in Russia in March last year. At the time, the company stated that, contrary to local contractual agreements, Bosch products could be used for non-civil purposes. The company’s plant in Samara became the property of FSUE NAMI.
Author:
Karina Pardaeva
Source: RB
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