Nissan Sells Russian Assets To State

Nissan Sells Russian Assets To State
  • Nissan Motor Co Ltd's NSANY Russia assets would be transferred to state ownership. The sale will transfer all Nissan operations in Russia under the Nissan Manufacturing Russia LLC (NMGR) legal entity to NAMI for future passenger vehicle projects.
  • The transfer covers Nissan's manufacturing and R&D facilities in St. Petersburg, and Sales & Marketing center in Moscow, which will operate under a new name.
  • Nissan will take a one-off impact of approximately 100 billion yen from this exit. Meanwhile, Nissan maintained its full-year guidance.
  • Also ReadRenault, Nissan Confirm Discussion About Future Of Alliance
  • Nissan will be provided with the option to buy its assets back within six years.
  • The company suspended its operations in Russia in March this year, consequent to Russia's invasion of Ukraine.
  • The invasion led to logistics and raw material procurement difficulties as Western nations imposed sanctions.
  • "While we cannot continue operating in the market, we have found the best possible solution to support our people," said Nissan President and CEO Makoto Uchida.
  • Also See: Nissan Extends Production Halt In St Petersburg Plant, Russia
  • Price Action: NSANY shares closed lower by 0.16% at $6.35 on Monday.
  • Photo Via Company

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