RBC: American respirator company 3M found a buyer for business in Russia
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The American chemical group 3M, one of the largest manufacturers of respirators in the world, is negotiating the sale of assets in Russia to the VMP research and production holding. This is reported RBC citing a source familiar with the details of the negotiations. The act of negotiations was confirmed by the head of the VMP, Mikhail Vakhrushev, but he refused to name their details.
According to RBC, the parties received permission to sell Russian assets from the government commission for foreign investment control. The amount of the transaction is not reported. The 3M report for 2022 noted that the price of the company’s main assets and liabilities intended for sale in Russia was about $50 million.
However, RBC notes that the amount of the sale of assets in Russia will be lower than their fair value, since, in accordance with the decision of the Russian authorities, investors from “unfriendly” countries must provide at least 50% discount when exiting Russian assets.
3M Corporation was founded in 1902. According to the results of 2022, the company’s revenue amounted to $34.2 billion, of which $15 billion came from the United States. After the entry of Russian troops into Ukraine, the company announced its withdrawal from Russia. In September 2022 Rosstandart expelled 3M from the activities of technical committees for standardization that approve GOSTs, including for personal protective equipment.
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