Schneider Electric to sell Russian operations to local management

• 2 years ago (2022-04-29)
• David Flin

Europe 1089 Transmission 191

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Schneider Electric has announced that it will divest its operations in Russia and Belarus to local management. The company has signed a letter of intent to sell Schneider Electric Russia’s operations to the local leadership team. Completion of the deal is subject to approval of local authorities.

Schneider Electric currently generates around 2 per cent of its total sales from Russia. The company said: “As a result of the sale and wind-down of its presence in Russia, the company 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 €120 million.”

Since Russia’s invasion of Ukraine, Schneider Electric has suspended all its new investments and the international delivery of new project orders in Russia and Belarus. The company said that it is planning an ‘orderly’ transfer for its 3500 employees in Russia and Belarus, aiming to allocate resources to support them.