German automaker Volkswagen has completed the sale of its Russian assets to local investor Art Finance LLC, backed by dealership Avilon, according to a press release on the automaker’s official website. The deal has been approved by Russian government agencies.
The new owner will become the owner of all Volkswagen shares in the Russian subsidiary. The German automaker said in a statement that the agreement covers the Kaluga production plant, distribution and after-sales services, storage facilities and financial relations with all employees.
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