Russia's Severgroup, owned by Russian billionaire Alexey Mordashov, has acquired Russian tire and auto parts manufacturer Cordiant Group from private equity investor S8 Capital.
The acquisition includes the Russian passenger tire brands: Cordiant, Tunga, Torrero and Gislaved passenger tire brands; Cordiant Professional and Tyrex truck tire brands; and the Meteor brands Auto, Termo and Tech.
Severgroup said it sees potential for further growth in the tire and automotive parts markets using the Cordiant platform.
It is reported that Cordiant is headquartered in Moscow, has four production plants and employs 8,000 people.
Cordiant is headquartered in Moscow and has four production plants with 8,000 employees, including former Bridgestone and former Continental tire plants in Ulyanovsk and Kaluga, as well as two older plants in Omsk and Yaroslavl.
The Cordiant Group also acquired the Russian assets of Germany's Bosch in Engels, Saratov region, in April 2023, after the company had previously exited operations in the country.
"Cordiant's assets become part of Severgroup at a very important time of market transition," Severgroup said.
Severgroup also said it has extensive experience in managing industrial companies and stressed the importance of "effective management" to help localize Russia's tire, auto parts and equipment industries to meet growing demand in the mass and premium segments.
Among its priorities, Severgroup aims to expand its product lines in tires and auto parts, focusing on "a high level of product quality", as well as investing aggressively in research and development. Financial details of the acquisition were not disclosed.
DLFTECH is a professional equipment marketing & service company built by a senior R&D and marketing team in the tire & conveyor belt equipment industry. Benefiting from the rapid follow up of the international rubber industry's process re-engineering and the demand for industrial intelligence, DLFTECH, the best of the best, has rapidly developed into a new star in the international rubber machinery industry.
If any tire or conveyor belt industry customers need such as Electron beam irradiation system, green tire separant automatic sprayer, air spring single bead winding line etc., please feel free to contact info@delphygroup.com.
