NAMI acquires Toyota Boshoku automobile seats plant in St. Petersburg

MOSCOW. July 6 (Interfax) - NAMI, a state automotive company controlled by Russia's Industry and Trade Ministry, has closed a deal to acquire 100% of shares in the Toyota Boshoku automobile seats plant in St. Petersburg.

The transaction was concluded on June 26, NAMI told Interfax. Data from the Unified State Register of Legal Entities show that the plant was transferred to state ownership on July 4.

"The company was engaged in manufacturing automobile seats and interior parts for Toyota automobiles. NAMI and the Industry and Trade Ministry of Russia are working on restarting the plant's operations, which will make it possible to use the company's resources for import substitution of modern automobile components," NAMI told Interfax.

NAMI did not disclose the price of the acquisition.

Toyota Boshoku LLC, which was registered in St. Petersburg in 2006, posted a net loss of 2.3 billion rubles in 2022 compared to a profit of 1 billion rubles in 2021, as its revenue tumbled 85% to 1.5 billion rubles, the SPARK-Interfax analytics system showed.