IEK Group acquired Russian assets of the French Legrand – Kommersant
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The Russian electrical engineering company IEK Group acquired the assets of the French Legrand in the Russian Federation. The conclusion of the transaction is stated in a joint statement of the companies, which leads TASS.
As part of the deal, IEK Group received three production sites and more than 20 company representative offices in Russian cities. The government commission set key indicators for the former Legrand enterprises for three years.
Thus, the total revenue of production sites should be about 8.5 billion rubles. by 2025. IEK Group’s investments are expected to reach RUB 1 billion. for the specified period.
Legrand, which produces electrical products,stated about the intention to leave the Russian market in January 2023. The decision was explained by the growing operational complexity and uncertainty of working in the Russian market.
The group, which had been operating in Russia since 1993, owned three factories in the Ulyanovsk region: the JSC Kontaktor plant, a branch of Legran Ulyanovsky LLC, as well as production lines in the village of Chufarovo.
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