Sibur gets go ahead for Matador-Omskshina acquisition
Russia’s Government Commission on Monitoring Foreign Investment has given the green light for Sibur-Russian Tyres to acquire a 100 per cent interest in the Matador-Omskshina joint-venture, which it previously operated 50/50 with Continental AG. Following the acquisition, the joint venture operation has been renamed Cordiant-Vostok. Sibur-Russian Tyres says the 100 per cent acquisition will enable it to increase manufacturing capacity in order to meet growing demand for passenger car tyres.
The joint venture with Slovak tyre producer Matador, which was subsequently bought German firm Continental AG, was founded in 1995. In 2010, the company increased production by 23 per cent, to 2.75 million units under the Cordiant and Matador brands. In June 2011, Continental AG withdrew from the joint venture, deciding to focus on the development of its own business in Russia.