Russian officials seize Bosch plant under guise of privatization
A factory owned by German engineering multinational Bosch in Russia has been seized by the Russian government, the Reuters newswire reported on June 14, citing a Bosch press release.
The Russian state-owned enterprise Central Scientific Research Automobile and Automotive Engines Institute (NAMI) has been give 100% of the shares of the plant for the production of anti-lock brakes and other systems for vehicles.
NAMI is acquiring assets left by multinational automakers that withdrew from the Russian market following start of the full-scale invasion of Ukraine. The deal amounts were undisclosed, but NAMI has bought such assets for nominal sums in the past.
NAMI has already obtained Renault, Nissan and Toyota plants.
"Previously, the company was engaged in the production of steering systems, anti-lock brakes and electronic stability systems," NAMI said in a statement.
NAMI stated that 107 employees who worked at the plant in Samara Oblast at the time of the agreement will continue to work, and that they are working with the Russian Ministry of Industry and Trade to resume production in 2024.
Earlier, NV reported that Renault's Russian plant, which was nationalized by the Russian government, was renamed JSC Moscow Automobile Plant Moskvich.
In October 2022, Nissan's Russian assets were seized by the Russian state. Nissan retains a six-year buy-back option.
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