Breaking News

Electrolux Professional sells Russia business to local management

Adds depth, track record

STOCKHOLM, July 11 (Reuters)Sweden’s Electrolux Qualified EPROb.ST is selling its enterprise in Russia to its regional management and leaving the country, the company mentioned on Monday.

“As a end result of the ongoing war and sanctions, we foresee that we will not be capable to promote and provider items in Russia in the medium to very long expression,” the maker of appliances for professional use stated in a statement.

“Subsequent the assessment that business continuity in Russia, in the current circumstance, is not possible, Electrolux Specialist is to cease its operations in the region,”

Electrolux Skilled has 25 employees in Russia, which in 2021 accounted for 1% of group gross sales.

It would reserve a one particular-off cost of 35 million Swedish crowns ($3.31 million) in the next quarter related to the divestment, it reported.

($1 = 10.5694 Swedish crowns)

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

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

The views and opinions expressed herein are the sights and views of the writer and do not essentially reflect all those of Nasdaq, Inc.