French electrical equipment and industrial automation giant Schneider Electric announced on Monday that it has signed a framework agreement to sell its Russian operations to its local management team. The company did not disclose the amount of the deal.
Schneider Electric produces approximately 2% of its turnover in Russia. It halted its investments and project order supplies in Russia and Belarus from February 24, 2022, before announcing its intention to sell its Russian operations in late April. Locally, the group has 3,500 employees and three factories in particular, mainly for local customers.
The hardware manufacturer expects this action to represent an impairment.”up to 300 million net book valuefrom the group, he said in the statement. Since the war in Ukraine and the sanctions against Russia, French companies have been faced with the dilemma of temporarily suspending or selling their operations, at the risk of losing investment without finding a local buyer.
Several companies, particularly in the luxury and fashion sector, have already closed their stores in Russia. But other major French groups such as Mulliez galaxy, TotalEnergies and Sanofi have stayed put, halting some of their operations and investments.
Source: Le Figaro
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.