Continental AG, a German manufacturer of tires and automotive electronics, plans to close its Russian business, CEO Nikolai Setzer announced on Wednesday.
"We continue the organized process of leaving the Russian market," he said. Setzer was quoted in a press release posted on the company's website.
According to Setzer, due to the conflict in Ukraine in 2022, the company faces many challenges as the prices of raw materials, energy, and logistics have significantly increased. He added that "Continental AG" intends to leave the Russian Federation because of the events in Ukraine.
