Continental announced "controlled withdrawal" from Russia
A "controlled withdrawal" from the Russian market has been declared by Continental AG in response to the challenges caused by Russia's invasion of Ukraine. During the annual financial results press conference on March 8, Continental’s CEO Nicolai Setzer said that the invasion "driven up prices for goods, raw materials, and energy". This, according to Setzer, is the reason of the withdrawal. “This includes selling our business operations in Russia – such as our plant in Kaluga. We are already at an advanced stage of the sale process here. The regulatory approvals required to ensure its successful conclusion have not been made yet”, said Nicolai Setzer.