July 18, 2024

The Domestikated Life

One Passion

Electrolux Professional sells Russia business to local management

Adds detail, track record

STOCKHOLM, July 11 (Reuters)Sweden’s Electrolux Experienced EPROb.ST is marketing its organization in Russia to its local administration and leaving the nation, the company mentioned on Monday.

“As a consequence of the continued war and sanctions, we foresee that we will not be equipped to provide and provider merchandise in Russia in the medium to prolonged term,” the maker of appliances for skilled use reported in a statement.

“Adhering to the evaluation that business continuity in Russia, in the present-day scenario, is not feasible, Electrolux Qualified is to stop its operations in the state,”

Electrolux Specialist has 25 personnel in Russia, which in 2021 accounted for 1% of team sales.

It would guide a a single-off price tag of 35 million Swedish crowns ($3.31 million) in the next quarter relevant to the divestment, it stated.

($1 = 10.5694 Swedish crowns)

(Reporting by Anna Ringstrom, modifying by Essi Lehto and Louise Heavens)

(([email protected] +46 8 502 423 74 Reuters Messaging: [email protected]))

The sights and viewpoints expressed herein are the sights and opinions of the author and do not always replicate those of Nasdaq, Inc.