Severgroup acquired Cordiant

«Severgroup», which manages investments on behalf of Alexey Mordashov, has acquired JSC «Cordiant», which owns five tire manufacturing plants.

Mordashov's company also received the rights to all brands that are currently part of «Cordiant's» portfolio: Cordiant, Tunga, Torero, and Gislaved in the passenger segment, as well as Cordiant Professional and Tyrex in the truck tire market.

Ownership of the assets was obtained on October 1, 2024. The deal was approved by antimonopoly regulators, and the amount is not disclosed.

«Cordiant's assets have become part of Severgroup at a very important period of transformation for the market, — said Alexey Mordashov, CEO of Severgroup. — The efficiency of management and development of these enterprises will determine whether Russian tires, auto components, and equipment can meet the growing demand of domestic consumers as a result of localization in these industries — both in the mass and premium segments».

The «Cordiant» cluster includes tire plants in Yaroslavl (3.6 million tires per year), Omsk (5.5 million), Kaluga region (formerly Continental, 3.5 million) and Ulyanovsk (formerly Bridgestone, 2.4 million). The total project capacity is 15 million tires.

Source: «Interfax».