MOSCOW — Holding company S8 Capital on Friday said it had closed a deal to acquire three of German supplier Bosch’s Russian assets and planned to rebrand the facilities within six months of the transaction’s completion.
Scores of companies have opted to exit Russia or announced plans to do so since Moscow sent tens of thousands of troops into Ukraine on Feb. 24 last year.
S8 Capital previously acquired lift-maker Otis Worldwide’s Russian business.
S8 Capital said the Bosch deal included a 100 percent stake in three Bosch facilities – a spark plug factory, a power tools factory and a heating boilers production site – in the city of Engels.
Bosch did not immediately respond to an emailed request for comment.
S8 Capital said the sites’ workforce of around 1,000 employees would remain in place and it would reopen the plants and continue to invest in their development.
Bosch ranks No. 1 on the Automotive News Europe list of the top 100 global suppliers with worldwide sales to automakers of $49.1 billion in 2021.