German bearing manufacturer Schaeffler leaves Russia

The German auto components manufacturer Schaeffler has decided to sell its business in Russia. According to the company's annual report, Schaeffler's Russian business will be bought out for 10 million euros ($10.6 million) by PromAvtoConsult, which is controlled by "one of the members of the company's supervisory board," Austrian businessman Siegfried Wolf. The agreement with him was concluded in December 2022, but the deal still needs to be approved by the Russian authorities, writes Forbes.ru. According to Reuters sources, Schaeffler is pulling out of the Russian business to avoid the use of its parts in the vehicles of the sanctioned Russian GAZ Group. Recall that in December 2012, Schaeffler concern concluded an investment agreement with the government of the Ulyanovsk region on the creation of a production of automotive components on the territory of the Zavolzhye industrial zone.

The construction of Schaeffler Manufacturing Rus enterprise began in June 2013, and the launch of mass production took place in October 2014. The plant produced automotive and industrial components, including clutch components, engine components, gearboxes and belt drive parts. The total investment in the project was about 2 billion rubles. The production facilities of Schaeffler Manufacturing Rus, located on the territory of 12 thousand square meters, allow to produce more than 1.1 million auto components per year. At the same time, the project provided for the possibility of production increasing areas and expanding the range of products.