Tyrepress.com reports that Russia’s Government Commission on Monitoring Foreign Investment has approved Sibur-Russian Tyres’s plan to acquire 100% interest in the Matador-Omskshina joint-venture, which it previously operated as a 50/50 joint venture with with Continental AG. Following the acquisition, the joint venture has been renamed Cordiant-Vostok.
Sibur-Russian Tyres says that it plans to increase passenger tire production capacity at the joint venture.
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.