Russia's Sibur divests tyre business

Source: ICIS News

2012/01/10

MOSCOW (ICIS)--Sibur has divested its tyre business Sibur-Russian Tyres, the Russian petrochemical holding said on Tuesday.

Sibur has sold its 100% interest in the subsidiary to a group of Russian investors, including managers of Sibur-Russian Tyres, the company said without disclosing financial details.

The sale followed earlier moves by Sibur-Russian Tyres to sell non-core assets, the company added.

"The sale of our non-core assets for the production of tyres and fertilizers has been very efficient and we look forward to maintaining a mutually beneficial partnership with the new owners on feedstock supply," said Sibur CEO Dmitry Konov.

"The new structure of Sibur will allow us to focus on developing our core petrochemical business of gas processing and the production of polymers, organic synthesis products and synthetic rubbers," he added.

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