11.08.2023, 12:14
The Canadian giant's business in Russia was bought by an unknown company
Source: OREANDA-NEWS
OREANDA-NEWS The Canadian manufacturer of components for cars Magna International has sold a business in Russia for $ 15 million, writes Kommersant with reference to the company's reporting. At least part of the assets was bought by an unknown company on the market, E-Mobile.
Because of the deal, Magna suffered a loss of $15 million. At the same time, in the second quarter of last year, the company already had to write off $ 376 million due to idle plants. Magna owned production sites in St. Petersburg, Nizhny Novgorod, Kaluga and Naberezhnye Chelny.
The plants collaborated mainly with foreign automakers that suspended work in Russia or finally left the market — in this regard, Magna production went into downtime. The company supplied seats for Volkswagen, Skoda, Ford Transit models, plastic parts for the same manufacturers, as well as Nissan, Peugeot, Citroen, Mitsubishi, Toyota, Mercedes and GAZ. E-mobile has received at least four of the five Magna subsidiaries in Russia that deal with seats. Now 99.99 percent of the company is owned by Olga Savelyeva, another 0.01 percent by Oleg Tenitsky. As stated in SPARK, the company is engaged in railway transportation. Until 2017, it belonged to Igor Timoshin, an ex—adviser to the head of Uralvagonzavod (UVZ) and the former owner of Lesans LLC.
Sources said that Magna plants were purchased for a large buyer, who decided not to conduct the transaction directly due to sanctions. According to one of the interlocutors of the newspaper, we are talking about the former head of the UVZ Oleg Sienko.
According to sources in the automotive components market, the former factories of the Canadian company can be restarted only if the team that knows the production processes is retained. At the same time, the new owner faces the question of finding suppliers — they, for example, may be in China. As for the buyers, E-Mobile will be able to reorient its products to the factories engaged in the assembly of Chinese models in Russia.
In August, the possible withdrawal from Russia was announced by the domestic company Polymetal, which is the country's largest producer of silver and the second largest producer of gold. The head of the company, Vitaly Nesis, said that leaving the market would be a forced measure, since continuing operations in the country carries risks for the entire Polymetal group, which has projects in other countries.
Because of the deal, Magna suffered a loss of $15 million. At the same time, in the second quarter of last year, the company already had to write off $ 376 million due to idle plants. Magna owned production sites in St. Petersburg, Nizhny Novgorod, Kaluga and Naberezhnye Chelny.
The plants collaborated mainly with foreign automakers that suspended work in Russia or finally left the market — in this regard, Magna production went into downtime. The company supplied seats for Volkswagen, Skoda, Ford Transit models, plastic parts for the same manufacturers, as well as Nissan, Peugeot, Citroen, Mitsubishi, Toyota, Mercedes and GAZ. E-mobile has received at least four of the five Magna subsidiaries in Russia that deal with seats. Now 99.99 percent of the company is owned by Olga Savelyeva, another 0.01 percent by Oleg Tenitsky. As stated in SPARK, the company is engaged in railway transportation. Until 2017, it belonged to Igor Timoshin, an ex—adviser to the head of Uralvagonzavod (UVZ) and the former owner of Lesans LLC.
Sources said that Magna plants were purchased for a large buyer, who decided not to conduct the transaction directly due to sanctions. According to one of the interlocutors of the newspaper, we are talking about the former head of the UVZ Oleg Sienko.
According to sources in the automotive components market, the former factories of the Canadian company can be restarted only if the team that knows the production processes is retained. At the same time, the new owner faces the question of finding suppliers — they, for example, may be in China. As for the buyers, E-Mobile will be able to reorient its products to the factories engaged in the assembly of Chinese models in Russia.
In August, the possible withdrawal from Russia was announced by the domestic company Polymetal, which is the country's largest producer of silver and the second largest producer of gold. The head of the company, Vitaly Nesis, said that leaving the market would be a forced measure, since continuing operations in the country carries risks for the entire Polymetal group, which has projects in other countries.
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