04.07.2022, 17:19
Schneider Electric has sold its assets in Russia to local management
Source: OREANDA-NEWS
OREANDA-NEWS The French energy and engineering company Schneider Electric, which is engaged, in particular, in the production of equipment for energy subcomplexes of industrial enterprises, has signed a binding agreement on the transfer of its Russian business to local management.
"After the announcement on April 27, 2022, Schneider Electric signed on July 3, 2022, a binding agreement on the sale of Schneider Electric in Russia to local management," the release says.
As a result of the transaction, the firm expects to write off up to 300 million euros of the book value, the report says. The transaction is subject to regulatory approval and compliance with other necessary conditions, the company notes.
"After the announcement on April 27, 2022, Schneider Electric signed on July 3, 2022, a binding agreement on the sale of Schneider Electric in Russia to local management," the release says.
As a result of the transaction, the firm expects to write off up to 300 million euros of the book value, the report says. The transaction is subject to regulatory approval and compliance with other necessary conditions, the company notes.
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