After the suspension of activity, the company announced the "sale of 100% share in the Otis business in Russia". Among the officially named reasons are sanctions, consequences of the economic crisis, disruption of logistics routes.
Otis owns a factory in St. Petersburg that produces elevator equipment and a network of service centers that specialize in maintenance.
According to the press service of Ministry of Industry and Trade, S8 Capital holding of Armen Sargsyan will become the new owner of business. The amount of the deal was not disclosed.
According to the head of the Ministry Denis Manturov, the negotiations on the deal resulted in significant agreements: the Russian branch will keep its work, the equipment necessary for production and jobs.
In addition, the press service of the Ministry of Industry and Trade assured that after the change of ownership Otis's enterprises will resume their work on August 1.