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Hyundai has decided to sell its plant in Russia

Hyundai is official announced the sale of its production facilities in Sestroretsk, St. Petersburg. The buyer is the Art-Finance company. Previously they bought the plant in Kaluga, created by the Volkswagen Group. On December 19, the company's management approved the proposal to sell shares of the plant in St. Petersburg.

Hyundai has decided to sell its plant in Russia

Details of the transaction are not disclosed. As stated at Hyundai, they are still in the approval stage, although the fundamental the decision has already been made. Art-Finance will become the owner of all the concern's shares in Hyundai Motor Manufacturing Rus.

It is noted that Hyundai Motor will continue to provide after-sales service and other support to Hyundai customers in Russia.

According to data from open sources, 100% share of Art-Finance owned by the president of the Avilon group Andrey Pavlovich.

The plant was built in 2010. Hyundai Solaris, Hyundai Creta, Kia Rio cars came off the assembly line. The production volume exceeded 200 thousand cars per year.

On September 25, Deputy Prime Minister - Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov on the sidelines of the industrial exhibition "Innoprom. Kazakhstan" announced that a Russian company would become the buyer of the Hyundai plant in St. Petersburg.

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