Russian company Art-Finance has closed a deal to acquire the Russian assets of automaker Hyundai, AGR Automotive Group said in a statement.
The scope of the transaction included the St. Petersburg company Hyundai Motor Manufacturing Rus LLC. The company reported that the structure will change its name.
“In the near future, the Hyundai Motor Manufacturing Rus (HMMR Hyundai) plant will change its name. The new name will also be announced once all the procedures for registration have been completed,” the message explains.
Last year, the head of the Ministry of Industry and Trade, Denis Manturov, announced that the company would be sold to a Russian company with a buyback right limited to two years. The message from AGR Automotive Group does not say anything about a buyback.
Art-Finance was registered in Moscow in 2023. In the spring of the same year, the structure purchased the Russian assets of Volkswagen, which also suspended its activities in the Russian Federation.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
