EventsEventsPodcasts
Loader
Find Us
ADVERTISEMENT

Ford to exit Russia after JV stake sale

Ford to exit Russia after JV stake sale
Ford to exit Russia after JV stake sale Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
Share this articleComments
Share this articleClose Button

-Ford Motor Co said on Wednesday it would exit Russia, after the U.S. automaker finalized a deal to sell its 49% stake in the Sollers Ford joint venture.

"Ford shares will be transferred to the Joint Venture for a nominal value," the company said, adding that it retains the option to buy them back within a 5-year period "should the global situation change".

The company had announced a full suspension of its operations in Russia in March.

Ford follows U.S. firms including Cisco Systems Inc and Nike Inc in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there.

Share this articleComments

You might also like