Schneider Electric will sell Russian assets to management

RUSSIA accounts for up to 2% of Schneider Electric's total revenues.Earlier, the company suspended investments and deliveries to Russia and Belarus

The French Schneider Electric announced that it intends to sell its Russian assets to local management, having previously agreed the deal with the Russian authorities. This is stated in the message on the company's website.

“After a thorough review of its structure and capabilities, Schneider Electric announces the signing of a letter of intent to sell Schneider Electric Russia to the local management team. This agreement must be approved by the local authorities,” the statement said.

Russia accounts for up to 2% of Schneider Electric's total revenues. As a result of the sale and curtailment of its presence in Russia, the company expects to write off up to €300 million of the net book value, Schneider noted.

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Earlier on March 18, the company suspended investments and deliveries to Russia and Belarus. Schneider Electric employs 3,500 people in two countries. This decision was made against the background of the Russian military operation in Ukraine.

Schneider Electric is a French energy and engineering company. In Russia, it is best known for its electrical distribution equipment, including sockets and switches.

The company's website says it has already invested more than $1 billion in Russian production facilities. More than 60% of the products supplied by Schneider Electric to Russian customers are manufactured in Russia at its five factories (in Mari El, Leningrad Region, Samara).

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Since the end of February, a number of foreign companies have announced their withdrawal from the Russian market, a significant reduction in production or the termination of investments in Russia. In particular, Acer, Samsung, APPLE and LG and others have decided to suspend business activity in Russia.

In early March, the government commission on legislative activities approved a package of measures to support the Russian economy, which, among other things, provided for external management for the production of those companies that are leaving the domestic market.

President Vladimir Putin supported the idea. He expressed confidence that the authorities have enough legal and market tools for this, and called for acting "decisively" on this issue and transferring closed enterprises to those "who want to work."

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