Toyota, Volkswagen transferred Russian assets without buyback option: State media
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Toyota and Volkswagen transferred their Russian assets to Russian entities without a buyback option.
PHOTOS: REUTERS
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MELBOURNE - Japanese carmaker Toyota and its German counterpart Volkswagen transferred their Russian assets to Russian entities without a buyback option, Russia’s RIA state news agency reported on Tuesday.
“The Toyota asset transfer deal, just like the Volkswagen deal, does not include an option to buy back production sites,” RIA quoted Russia’s Deputy Prime Minister Denis Manturov as saying in an interview.
Russia and Toyota said in March that the Japanese carmaker had transferred the ownership of its St. Petersburg factory building, equipment and land to the Russian state entity Nami, without disclosing any details of the transaction.
Nami, Russia’s Central Automobile and Engine Research and Development Institute, has already taken plants from Renault and Nissan.
Volkswagen said in May, without giving details, that it had completed the sale of its Kaluga plant in Russia and its local subsidiaries to Russian auto-dealer group Avilon and a financial investor. REUTERS
