Sojitz to Increase Investment in SOLLERS-ISUZU
Dec. 25, 2015
Sojitz Corporation has decided to increase investment in SOLLERS-ISUZU (CJSC SOLLERS-ISUZU; Head Office: Ulyanovsk, Russia), a joint venture specializing in the import, manufacture, and sale of Isuzu-brand commercial vehicles in Russia.
Equity interest in the venture up until now was split 5% to Sojitz, 50% to Sollers (PJSC Sollers; Head Office: Moscow, Russia; Representative Director: Vadim Shvetsov), and 45% to Isuzu Motors Limited (Head Office; Shinagawa-ku, Tokyo; President: Masanori Katayama; “Isuzu”). Now, in order to strengthen SOLLERS-ISUZU’s business foundation, Sojitz will increase ownership to 21%, thereby expanding to 26% ownership and placing the company within the scope of Sojitz’s equity method accounting. It will also allow Sojitz to utilize the company’s experience in Russia to strengthen management of SOLLERS-ISUZU across the board. Alongside this, Isuzu has decided to increase their ownership by 29%, bringing their total ownership to 74%.
Sojitz has been developing its automotive business in Russia over the past 20 years. Through our acquisition of these additional shares in SOLLERS-ISUZU alongside Isuzu, we aim to further increase the value of the Isuzu-brand vehicles and bolster automobile sales in the Russian market.
CJSC SOLLERS-ISUZU - Company Overview
|Capitalization||550 million RUB (roughly 1 billion JPY)|
|Ownership||Sojitz - 26%, Isuzu - 74%|
|Representative Director||Fabrice Gorlier|
|Located in||Ulyanovsk, Russia|
|Main Business||Import, manufacture, and sale of Isuzu-brand commercial vehicles and parts|