Manufacturer of equipment for metallurgy Danieli decided to sell assets in Russia
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The Italian manufacturer of metallurgical equipment Danieli Group has decided to leave the Russian market due to sanctions restrictions. The representative of the company informed “RIA News”. According to him, now the manufacturer is considering the possibility of selling its Russian business.
“Danieli’s departure from the Russian market is due to the inability to sell equipment in Russia due to the sanctions regime established by the European community,” said a Danieli representative. He added that the supply of equipment is hampered due to customs restrictions, and transportation by heavy vehicles and ships has become impossible.
On April 20, Gianpietro Benedetti, chairman of the board of directors of Danieli Group, said that the company decided to sell the Russian business after assessing “geopolitical scenarios”, reports Sider Web. According to him, under the current conditions, “commercial relations and presence in the Russian market” are no longer possible.
The company announced the search for a buyer of assets in Russia in a financial report dated March 9. It follows from the document that against the backdrop of the ongoing conflict in Ukraine, Danieli does not plan to supply the Russian market.
Now the company plans to evaluate the possibility of selling assets to a buyer in Russia. Over the next six months, management plans to consider possible options for the sale and decide “what should be the best buyers.”
Danieli has two legal entities in Russia. Since the 1990s, a plant has been operating in Dzerzhinsk, Nizhny Novgorod Region – Danieli Volga LLC, which produces equipment for metallurgical plants. It, for example, is installed at the West Siberian Metallurgical Combine and the Vyksa Metallurgical Plant. The second company, Danieli Russia Engineering LLC, provides services for the installation and commissioning of equipment at Russian factories.
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