OREANDA-NEWS  The parent company of the Russian auto holding AGR Automotive Group, Art-Finance LLC, has closed a deal to acquire 100% of the shares of the former Russian production "daughter" of Hyundai (Hyundai Motor Manufacturing Rus LLC, HMMR), combining St. Petersburg production sites in Kamenka (produced Hyundai and Kia) and Shushary (ex-GM plant).

As reported, Art Finance LLC, headed by the former president of Avilon dealer holding Andrey Pavlovich, was registered in Moscow in February last year. In May, this company bought the assets of the Russian representative office of VW, including an automobile plant in Kaluga.

At the end of 2023, it became known that Hyundai's Russian assets would also be sold to Art Finance. The South Korean concern reported that the deal had been agreed by its board of directors and noted that its details were being discussed.

"The procedure for the acquisition of assets of Hyundai Motor Manufacturing Rus LLC was completed on January 24, 2024, all necessary data will be entered into the Unified State Register of Legal Entities (USRLE) in the very near future," the AGR message says.

The deal was approved by the Russian Government Commission on Foreign Investment and the Federal Antimonopoly Service (FAS) of Russia. Its terms are not disclosed in AGR. The South Korean The Chosun Ilbo wrote that the price of the transaction was approved at the symbolic level of 140 thousand won - that is, about 10 thousand rubles.

"In the near future, the HMMR plant will be renamed. The new name will be announced additionally after completion of all registration procedures. Since the completion of the transaction, HMMR LLC has entered the AGR perimeter," the holding said in a statement.

"The AGR Group intends to actively develop production in order to supply reliable, affordable and comfortable cars to Russian customers. Today we face many important tasks, but still the main one is to preserve the work teams, as well as ensure the worthy application of their professional skills and competencies. The automotive industry is actively supported by the government of the Russian Federation. We are confident that with such support we will be able to achieve high results in this industry," the AGR press service quotes the company's CEO Alexey Kalitsev.

The appointment of Kalitsev as CEO of the holding (from January 23) was announced in AGR the day before. Since 2010, the top manager has worked in senior positions in the Russian representative office of Hyundai (Hyundai Motor CIS LLC), was responsible for the development strategy of the Hyundai and Genesis brands in Russia. Since 2017, he has served as managing director of the Russian "daughter" of the South Korean concern. Kalitsev is the current chairman of the Committee of Automakers of the Association of European Businesses (AEB), a member of the Board of the Russian Union of Industrialists and Entrepreneurs (RSPP). Kalitsev was replaced as head of AGR by Artyom Kursakov, who had been working in the structure of the Russian Volkswagen representative office since the early 2010s.

AGR LLC (AGR, formerly Volkswagen Group Rus LLC) was the official importer and manufacturer of Volkswagen brand cars from 2003 to 2023. Since June 2023, the company has changed its name, which was the first step in the transformation and restart of the business after the transfer of VW's Russian assets to Art Finance.