Information about the transfer of the business of a Swedish manufacturer to a Russian investor was confirmed by the Ministry of Industry and Trade of the Russian Federation.
On the list According to the results of the “pre-crisis” 2021, Volvo trucks were in third place, behind only KAMAZ and GAZ models, among the most popular commercial vehicles in Russia. At that time, the share of Volvo cars here was 8.5%. The Swedish company noted that in 2021, sales in the Russian Federation accounted for about 3% of the total global volume of trucks sold.
Volvo Trucks had its own enterprise in the Russian Federation: the now idle plant is located in Kaluga. Its production capacity is designed to produce 15 thousand trucks per year. It should be noted that at the end of the same 2021, about 5.7 thousand trucks that rolled off the assembly line at the Kaluga site were sold on the Russian market.
The media reported that Volvo Trucks was thinking about selling Russian assets back in the fall of 2022: then it became known that the concern had decided to “adapt the business and begin laying off employees.” The manufacturer's report noted that in the first quarter of last year, the total amount of assets related to the Russian Federation was estimated at almost 9 billion Swedish kronor, of which an impairment reserve of 4.1 billion Swedish kronor was created. Previously, Volvo also considered the possibility of writing off assets.
As Interfax reports, the Ministry of Industry and Trade of the Russian Federation has identified an investor to whom the local assets of the Swedish concern Volvo will be transferred, although the department did not specify which investor we are talking about. Judging by the Unified State Register of Legal Entities, the manufacturer’s subsidiaries, including the truck production plant in Kaluga, came under the operational control of businessman Igor Kim.
It is reported that on September 6 of this year, Alexey Sannikov, who is the first deputy chairman of the board of Expobank owned by Igor Kim, became the general director of the Volvo Trucks plant (JSC Stokov Machinery Equipment). The Volvo Trucks plant is also owned by AB Volvo (75%) and Volvo Trucks Region CE Gmbh (25%). At the same time, the leasing company Volvo AB (Stokov Financial Services LLC) is now headed by Nikita Ryauzov, another business partner of Igor Kim.
The Russian businessman received direct control over Stokov Construction LLC, this Volvo subsidiary is engaged in leasing, production and sales of special equipment. 99% of it now belongs to the Aston Group controlled by Igor Kim, and the owner of the remaining one percent is a legal entity of the Kaluga Automobile Plant.
The Ministry of Industry and Trade of the Russian Federation noted that “together with the new owner, a domestic partner has also been identified “For the further development of production at the concern’s Kaluga site, work continues to restart it as soon as possible.” There are no details yet about what exactly the Russian Volvo Trucks plant plans to load in the future.
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