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War in Ukraine: Schneider Electric sells its business in Russia

2022-07-04T09:23:18.257Z

The company generates about 2% of its turnover in Russia. The French electrical equipment and industrial automation giant Schneider Electric announced on Monday that it had signed the framework agreement providing for the sale of its activities in Russia to its local management team. The company did not disclose the amount of the transaction. Read alsoThe Japanese brewer Kirin sells its shares in its activity in Burma Schneider Electric generates appro



The French electrical equipment and industrial automation giant Schneider Electric announced on Monday that it had signed the framework agreement providing for the sale of its activities in Russia to its local management team.

The company did not disclose the amount of the transaction.

Read alsoThe Japanese brewer Kirin sells its shares in its activity in Burma

Schneider Electric generates approximately 2% of its turnover in Russia.

It had suspended its investments and deliveries of project orders in Russia and Belarus since February 24, 2022, before announcing its intention to sell its activities in Russia at the end of April.

On site, the group has 3,500 employees and in particular three factories, mainly for local customers.

The equipment manufacturer expects this operation to represent an impairment of "

up to 300 million net book value

" of the group, it said in a press release.

Since the war in Ukraine and the sanctions against Russia, French companies have been faced with the dilemma of temporarily suspending or selling their activities, at the risk of losing their investments without being able to find a buyer on the spot.

Read alsoZurich Insurance sells life insurance activities in Germany

Several companies, particularly in the luxury and fashion sector, have already closed their shops in Russia.

But other major French groups such as the Mulliez galaxy, TotalEnergies and Sanofi have remained in place, suspending some of their activities and investments.

Source: lefigaro

All business articles on 2022-07-04

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