Schneider Electric Agrees to Divest Russian Business to Local Management
July 04 2022 - 1:21AM
Dow Jones News
By Giulia Petroni
Schneider Electric SE on Monday said that it has signed a
binding agreement to divest its Russian business to local
management.
The French industrial company said it expects to write-off up to
300 million euros ($312.8 million) of net book value and to make an
estimated non-cash reversal of the currency translation reserve of
EUR17 million.
The estimated impact will be a result of the divestment as well
as of the wind-down of the rest of the company's presence in Russia
and the effects of sanctions on its Russia business.
Schneider Electric generated approximately 2% of its total sales
in Russia last year. It put on hold new investments and
international shipments for new orders to Russia and Belarus after
the invasion of Ukraine.
The sale of Schneider Electric Russia is subject to closing
conditions, the company said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 04, 2022 02:06 ET (06:06 GMT)
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