Magna International said in a report that it completed a $15 million exit from its investment in Russia on August 1. According to the SPARK system, at least four out of five Magna subsidiaries in Russia (Magna Seating Rus, Piterform, Magna St. “. An unknown company (previously named Delonge LLC) was registered in Moscow in 2012 and is engaged in rail transportation.
All four of the companies from which the Canadian Magna came out produced auto components, such as seats for foreign automakers based in Russia. Magna’s largest subsidiary in Russia turned out to be Piterform: about 90 percent of its revenue came from Hyundai’s St. Petersburg plant.
At the moment, Magna is one of the three largest manufacturers of automotive components in the world. The company is present in 27 countries and cooperates with such large concerns as Volkswagen, Ford, General Motors, Toyota, Tesla.
At the end of May, tire manufacturer Continental sold its Russian assets to S8 Capital. The amount of the transaction was not disclosed, however, according to unofficial data, it amounted to approximately 7-10 billion rubles, which is comparable to 87 million euros, in which Continental itself estimated the assets.
Shake the old days: used car tuning
