Hyundai to sell its St. Petersburg car plant to a Russian company with a two-year buyout option
The plant stopped production of cars due to a shortage of components, the supply of which was impossible due to sanctions
South Korean automaker Hyundai will sell its plant in St. Petersburg to a Russian company, Russian media reports, citing Russian Deputy Prime Minister Denis Manturov. At the same time, Hyundai will retain the right to buy out the company within two years.
In March 2022, the St. Petersburg plant of the Korean car company stopped production of cars due to a shortage of components, the supply of which was impossible due to sanctions. Most workers went on unpaid leave.
Previously, the plant had been producing more than 200,000 Hyundai and Kia vehicles a year since 2010.
In the spring, it was reported that Hyundai might sell the plant to a Kazakh company, and the deal is already in the final stages. Presumably, it could be AstanaMotor. As noted by the Korean TV channel MBC, Hyundai also considered selling the business to the Russian authorities, but found a deal with a third country company more profitable.
Background. On September 18, it became known that the British company Mondi was selling Syktyvkar Wood Processing Plant to a division of Moscow-based developer Sezar Group, Cesar Invest, for 80 billion rubles. The deal is expected to close in December. It is the largest paper producer in Russia, whose most famous brand is office paper "Snow Maiden".
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