Severgroup purchases Cordiant tire manufacturer group

MOSCOW. Oct 2 (Interfax) - Severgroup, which conducts investment activities on behalf of Alexei Mordashov, has acquired the Cordiant group of companies, one of Russia's leading manufacturers of tires, auto components, thermal equipment and power tools, Severgroup said.

Mordashov's company has hereby taken ownership of one of Russia's three largest tire manufacturers, with factories countrywide, and has received the rights to the diversified portfolio of brands of the Cordiant group of companies. These comprise Cordiant, Tunga, Torrero, and Gislaved in the line of passenger car tires; Cordiant Professional and Tyrex in the line of truck tires; and Meteor Auto, Meteor Thermo, and Meteor Tech in other products.

Severgroup envisages potential for development in the tire and auto components market based on Cordiant going forward, the group said.