Russia’s Government Commission on Monitoring Foreign Investment has given the green light for Sibur-Russian Tyres to acquire a 100% interest in the Matador-Omskshina joint venture, which it previously operated 50/50 with Continental AG.
Following the acquisition, the joint venture operation has been renamed Cordiant-Vostok. Sibur-Russian Tyres says the 100% acquisition will enable it to increase manufacturing capacity in order to meet growing demand for passenger car tires.
The joint venture with Slovak tire producer Matador, which was subsequently bought by Continental, was founded in 1995. In 2010, the company increased production by 23%, to 2.75 million units under the Cordiant and Matador brands. In June 2011, Continental AG withdrew from the joint venture, deciding to focus on the development of its own business in Russia. (Tyres & Accessories)
