Sollers got out of the JV with the Japanese company Isuzu

Moscow. December 25. Sollers sold its interest in the joint venture “Sollers-Isuzu” Japanese partners – Isuzu Motors company Limited and Sojitz Corporation, is spoken in the message of “Sollers”.

Isuzu acquired the package in the amount of 29% of the voting shares of CJSC “Sollers-Isuzu”. The company Sojitz Corporation bought 21% of the voting shares of the company, the transaction took place in mid-December.

Isuzu Motors Limited became the owner of 74% of the voting shares of CJSC “Sollers-Isuzu” company Sojitz Corporation – 26% of the voting shares of the company.

According to General Director of “Sollers” Vadim Shvetsov, the decision to exit the joint venture for the production of Isuzu trucks was accepted “proceeding from intentions to focus on business development in the strategic segments of SUVs and light commercial vehicles”.

“We are grateful to our Japanese partners for the successful experience of cooperation within the joint venture “Sollers-Isuzu”. At the present time “Sollers-Isuzu” became one of the leaders in the market of LCV in Russia and has all chances for further successful development of business in Russia. However, the current situation in the Russian automotive market demands that the group “Sollers” the concentration of managerial and investment resources primarily on strategic segments of SUVs and light commercial vehicles, where we see our biggest growth opportunities and value creation in the long term,” – said Shvetsov.

In early December it was reported that FAS approved the request of Japanese industrial company Sojitz Corp. purchase about 21% of the voting shares of CJSC “Sollers-Isuzu”.

According to base “SPARK-Interfax”, in September 2014 Sollers belonged to a 66% stake in the JV, 29% had Isuzu Motors.

JV Sollers-Isuzu, located at the facilities of “UAZ” (a key asset of Sollers) by the end of 2014 received a net profit of 298 million roubles on revenue of 3,682 billion.

CJSC “Sollers-Isuzu” – the first Russian-Japanese joint venture manufacturing and selling commercial vehicles, founded in 2007. Since 2008, the company gathers in the RF light-duty trucks with capacity from 1.5 to 6.6 tons. In 2013 it was decided to expand the project and transition to the production of a full cycle (welding, painting and Assembly) Isuzu vehicles in the industrial area “UAZ”.

It was also reported that in early September, the GAZ group, Russian machines Corporation, Japanese company Isuzu and trading house Itochu signed a Memorandum of understanding which provides for joint exploration of opportunities of cooperation in the sphere of development, production and sales of automotive vehicles. In accordance with the Memorandum, the parties plan to consider the possibility of joint development of cars “GAZelle” and “Sobol” with diesel Isuzu engine for sale in the Russian Federation and in foreign markets.

“Export sales of cars “GAS” with the Isuzu engine will be conducted through the trading house Itochu. The company is also considering the possibility of organizing jointly develop RHD versions of cars “GAZelle” for access to export markets”, – said GAZ.

In addition, the Isuzu may consider the organization of contract Assembly of Isuzu models at capacities of Gorky automobile plant.