RUEIL-MALMAISON, FRANCE: Schneider Electric has signed on July 3rd, 2022 a binding agreement regarding the sale of Schneider Electric Russia to the local leadership team. Closing of the transaction will be subject to regulatory approvals and satisfaction of other closing conditions.
Since 24 February 2022 Schneider Electric has put on hold new investments in Russia and Belarus as well as international shipments of new orders destined for Russia and Belarus.
For full year 2021, Schneider Electric generated approximately 2% of its total sales in Russia. As a result of this transaction as well as of the wind-down of the rest of its presence in Russia and other direct impacts of the sanctions on Russia business, the group expects to write-off up to €300 million of net book value, and to make a non-cash reversal of the currency translation reserve associated with these activities currently estimated at €17 million, and to be adapted at the close of the transaction.
Schneider Electric is planning an orderly transfer and allocates resources to support the employees in Russia and Belarus through the process.
Schneider Electric SE is a French multinational company that specialises in digital automation and energy management. It addresses homes, buildings, data centers, infrastructure and industries, by combining energy technologies, real-time automation, software and services.
Schneider Electric is a Fortune Global 500 company, publicly traded on the Euronext Exchange, and is a component of the Euro Stoxx 50 stock market index. In FY2020, the company posted revenues of €25.2 billion.
Schneider Electric is the parent company of Square D, APC and others. It is also a research company.
Leave a Reply