PARIS (Agefi-Dow Jones)–Electrical equipment manufacturer Schneider Electric announced on Monday that it had signed the framework agreement providing for the sale of Schneider Electric Russia to the local management team.
“Following this operation and taking into account the progressive reduction of the rest of its presence in Russia and the direct impact of the sanctions affecting the companies operating in this country”, Schneider Electric plans to write down up to 300 million euros. euros net book value, the group said in a statement.
Schneider Electric will also “realize a recovery – without impact on cash – of the currency translation reserve associated with these activities, currently estimated at 17 million euros”, underlined the group.
“This impact will be readjusted at the closing of the transaction”, which remains subject to regulatory approvals, said Schneider Electric.
“Schneider Electric is planning an orderly transfer of its operations and is allocating resources to support employees in Russia and Belarus throughout the process,” the group added.
Schneider Electric announced on April 27 its intention to sell its activities in Russia to the local management team, which in 2021 represented around 2% of the group’s total turnover.
The group has suspended, since the invasion of Ukraine by Russia on February 24, “all new investment and all international delivery of new orders for projects in Russia and Belarus”, recalled Schneider Electric.
-Alice Doré, Agefi-Dow Jones; +33 (0)1 41 27 47 90; [email protected] ed: VLV
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July 04, 2022 01:46 ET (05:46 GMT)