Sollers will buy $75 million value of shares within the JV with Ford

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RNS.- Russian automotive producer Sollers will purchase a share of 51% within the JV with Ford for $75 million in response to the assertion of the corporate on the company disclosure server.

“Agreeing to conclude a serious transaction – an settlement to amass 51% of Ford Sollers Netherlands BV for $75 million from Ford Russia Holdings BV” – as acknowledged within the message after the assembly of the Board of Administrators.

As well as, Sollers will lend a credit score of $30 million to the JV for working actions, in response to the assertion.

Ford Sollers Holding and its subsidiary FS Elabuga would be the debtors.

On 27 March, the corporate has introduced discontinuation of automotive manufacturing in Russia as of July 2019, in addition to the gross sales of the automotive crops in Naberezhnye Chelny and Vsevolozhsk and the engine manufacturing unit in Elabuga.

The corporate has determined to strengthen its place within the LCV market with the assistance of the Transit fashions manufactured in Elabuga. The management of the brand new JV shall be transferred to the Russian firm and it’ll start operations on July 1.


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