Last checked at 16 May 2022 08:46
16 May 2022
Tatneft announces the sale of its tire business.
On 13 May 2022 announced that PJSC Tatneft signed an agreement to sell the tire business of Tatneft Group to AO Tatneftekhiminvest-holding, which is not a member of Tatneft Group.
The transaction framework covers, inter alia, Tatneft Group participation in Management Company Tatneft-Neftekhim LLC,* in Nizhnekamsk All-Steel Tyre Plant LLC and LLC TD KAMA, as well as the shares in PJSC Nizhnekamskshina, JSC Nizhnekamsk Mechanical Plant and JSC Yarpolimermash-Tatneft.*
Considering significant changes in the economic environment, including those caused by geopolitical processes, the sale of the tire business would allow Tatneft Group to focus on its key strategic projects.
The cooperation of Tatneft with the tire business companies in Russia, including with respect to the supply of feedstock, will continue on a commercial basis taking into consideration any commitments assumed by the Company previously.
The transaction to sell the tire business does not lead to any changes in personnel, decrease of social or any other obligations with respect to the tire business' employees.
Upon signing of the agreement to sell the tire business, which is on 13 May 2022, the operational and management control over the companies covered by the transaction is transferred to AO Tatneftekhiminvest-holding, and Tatneft representatives holding positions in the management bodies of such companies are stepping down immediately.
* shall be renamed following completion of the transaction
This press release contains inside information.
Forward-looking statements: This press-release contains certain statements about future events and expectations that are forward-looking in nature. Any statement in this press-release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.