CNH Industrial, a manufacturer of agricultural machinery, announced the sale of its business and exited Russia.
CNH Industrial, one of the world’s largest manufacturers of agricultural equipment, which notably owns Case and New Holland, will sell its assets in Russia. This was reported at the company’s headquarters in London.
CNH Industrial’s assets in Russia are worth $60 million. The company owns production facilities for the manufacture of construction and agricultural equipment, as well as a warehouse with spare parts.
The buyer of the assets remains unknown at this time.
In March 2022, the company announced that it suspended its activities for the supply of products on the territory of the Russian Federation. At the same time, salaries continue to be paid to approximately 200 employees of the company’s divisions in Russia.
In 2021, CNH Industrial’s revenue in Russia will reach about $380 million, or about 2% of the group’s total revenue. Losses from the sale of Russian assets to the company are estimated at $20 million.
Recall that in March, the Swedish company IKEA sold its last production site in Russia – a furniture factory in the Novgorod region.
The BASF concern left the Russian Federation with a loss of €7.3 billion
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Source: korrespondent
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