French Legrand decided to leave Russia
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The French group company Legrand, which manufactures electrical products, stated about the intention to leave the Russian market. The group has been operating in Russia since 1993. She owns three plants in the Ulyanovsk region.
“Due to recent events, including increasing operational complexity and uncertainty, Legrand has made the decision to divest its operations in Russia and is currently considering options for a timely and orderly transfer of its control,” reads a statement on site companies.
In 2022, 1.5% of Legrand’s sales came from Russia. Due to the decision to leave the Russian market, the company expects a €150 million asset impairment. However, according to a press release, this will not affect its adjusted operating profit.
The production of Legrand in Russia was concentrated at three production sites in Ulyanovsk: the plant of JSC Kontaktor, a branch of LLC Legrand Ulyanovsky, as well as production lines in the village of Chufarovo.
Legrand, along with Bonduelle, Leroy Merlin and Auchan, was one of the few French companies that continued to operate in Russia after the start of the military operation in Ukraine in February 2022.
Read more about what happens on the 336th day after the entry of Russian troops into Ukraine, read online broadcasts “b”.
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