Business News

Iskra Avtoelektrika Withdraws From Russia-Based Company

Skofja Loka, 10 May (STA) - Iskra Avtoelektrika, a maker of electronic components for the car industry, has decided to sell its 50% in Pramo Iskra, a manufacturer of starters for cars, which was launched in Russia in January 2007.

Iskra Avtoelektrika said in a press release that the sale to Russian partner Pramo was a result of the drop in demand on the Russian market brought about by the global economic crisis.

The Sempeter pri Gorici-based company stressed it was not withdrawing from the Russian market, as a contract on development cooperation has been signed with Pramo. Iskra Avtoelektrika will moreover cover Russia via its IskRa subsidiary, which is based in Belarus.

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