The French manufacturer of electrical equipment Legrand announced plans to leave Russia.
“In light of recent events, including the complexity of operations and growing uncertainty, Legrand has decided to abandon its operations in Russia and is now considering options for the transfer of its control in a timely and orderly manner,” the group’s website said.
It is noted that Legrand’s activities in Russia accounted for approximately 1.5% of sales in 2022. “As of December 31, 2022, the group’s balance sheet exposure to Russia, including foreign exchange reserves, amounted to approximately EUR 200 million, of which approximately EUR 150 million will be reflected in the consolidated financial statements for 2022 as impairment of assets, with no impact on adjusted operating income “, the press release specifies.
The company is now considering options for a timely and orderly transfer of control. Legrand believes this is the best option to ensure continued compliance with all laws and regulations, as well as long-term continuity of local operations for its employees and customers.
