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

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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, Russia September 10, 2018. Valery Sharifulin/TASS Host Photo Agency/Pool via REUTERS/File PhotoMOSCOW, Nov 10 (Reuters) - Russian carmaker Sollers (SVAV.MM) will buy out Japanese auto maker Mazda's (7261.T) 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 Ukraine1 minute readNovember 10, 20221:01 PM GMT+2Last Updated 4 hours ago
Russian carmaker Sollers to buy out Mazda's stake in Vladivostok plant
Reuters
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
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, Russia September 10, 2018. Valery Sharifulin/TASS Host Photo Agency/Pool via REUTERS/File Photo

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    This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.

MOSCOW, Nov 10 (Reuters) - Russian carmaker Sollers (SVAV.MM) will buy out Japanese auto maker Mazda's (7261.T) 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.
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The plant had the capacity to make 50,000 cars a year.

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."

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