Electrolux announced the transfer of business in Russia to local management
[ad_1]
The Swedish manufacturer of household appliances Electrolux announced its withdrawal from the Russian market and the sale of the business to local management, reported on the company’s website.
“Electrolux has decided to withdraw from Russia and hand over the business to local management by selling its subsidiary,” the statement said.
Losses from leaving Russia will amount to about $35 million, the company added. The Russian market accounted for 1.6% of global sales and 4% of European sales in 2021. Electrolux emphasized that the company transferred to management will continue to service all equipment sold earlier in Russia.
Electrolux suspended work in Russia shortly after the start of a special operation in Ukraine. Earlier in July the company handed over management of the assets of his professional division Electrolux Professional.
After the start of Russia’s special operation in Ukraine, a number of companies announced their withdrawal from Russia. More than 1,000 companies have suspended operations in Russia, according to Yale University.
Subscribe on Vedomosti on Telegram and stay up to date with the main economic and business news.
[ad_2]
Source link
