Legrand: sells Russian business
(CercleFinance.com) - Legrand announces the sale, on 4 October, of its Russian business to a local industrial player.
The French specialist in electrical and digital building infrastructures will therefore no longer be active in this market.
For information, the Group announced its decision to withdraw from Russia on 25 January, when various options were examined. Note that in 2022, Legrand's businesses in this country only represented around 1.5% of its annual sales.
At the end of 2022, Legrand's balance sheet exposure relating to its activities in Russia, including translation reserves, was around E200m, of which nearly E150m were recorded in the 2022 financial statements as asset impairment.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The French specialist in electrical and digital building infrastructures will therefore no longer be active in this market.
For information, the Group announced its decision to withdraw from Russia on 25 January, when various options were examined. Note that in 2022, Legrand's businesses in this country only represented around 1.5% of its annual sales.
At the end of 2022, Legrand's balance sheet exposure relating to its activities in Russia, including translation reserves, was around E200m, of which nearly E150m were recorded in the 2022 financial statements as asset impairment.
Copyright (c) 2023 CercleFinance.com. All rights reserved.