9 Jan 2023 16:50

Ford completes exit from former Russian JV with Sollers - state registry

MOSCOW. Jan 9 (Interfax) - U.S.-based Ford has exited the capital of the joint venture with Russia's Sollers automotive group, Sollers Ford LLC, which manufactured Ford Transit light commercial trucks, according to data from the Unified State Registry of Legal Entities (USRLE).

Ford Sollers Holding LLC controls the JV, which had manufactured Ford Transit light trucks in Yelabuga, Tatarstan, until spring 2022. Ford Sollers Netherlands B.V., with 51% belonging to the Russian auto concern and 49% belonging to the U.S. auto concern, owned Sollers until the end of 2022. According to the USRLE, PJSC Sollers assumed control of a 100% stake in Ford Sollers Holding LLC on December 30.

Sollers has confirmed the closing of the deal regarding Ford's exit from the Russian JV, though it has not specified any details.

Ford at the end of October announced its decision to sell the 49% non-controlling stake in the Russian JV at par value. The terms and conditions of the transaction stipulate the option to repurchase the stake within five years.