Reported about 1 year ago
Caterpillar Inc.'s former Russian assets have been moved to a company owned by Armenian investment fund Balchug Capital, according to Russian company filings. This transfer follows Caterpillar's suspension of operations in Russia in 2022 after the country's invasion of Ukraine. The purchase was approved by Russian President Vladimir Putin in November 2023, with the terms undisclosed. The transaction was completed on June 14, with PSK-New Solutions acquiring Caterpillar Tosno and Caterpillar Financial. Balchug Capital, owning 99% of PSK-New Solutions, did not provide a comment on this matter.
Source: YAHOO