January 14, 2009 / 11:23 AM / 11 years ago

Russia's Sollers seeks SsangYong production rights

MOSCOW, Jan 14 (Reuters) - Russian carmaker Sollers (SVAV.MM) is seeking to buy the rights to produce SsangYong (003620.KS) sport utility vehicles after the Korean automotive firm filed for bankruptcy protection, Sollers said on Wednesday.

“The company is ready to buy the rights to produce SsangYong models... as well as to take over their components base,” Sollers said in a statement.

“This move would allow Sollers to continue manufacturing SsangYong models in Russia completely independently of the Korean company,” it said without naming the price it is willing to pay.

Sollers, previously known as Severstal-Auto, already holds licenses to produce SsangYong’s Rexton II and Kyron sport utility vehicles in Russia. It sold 16,000 of these models in 2008.

Last week SsangYong, South Korea’s fifth-largest automotive firm, filed for bankruptcy as global carmakers suffer the worst business environment in recent memory. [ID:nSEO82429] (Reporting by Anton Doroshev; writing by Simon Shuster; editing by Simon Jessop)

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