STOCKHOLM, July 11 (Reuters) – Sweden’s Electrolux Professional (EPROb.ST) sells its business in Russia to its local management and leaves the country, the company said on Monday.
“As a result of the ongoing war and sanctions, we see that we will not be able to sell and operate products in Russia in the medium to long term,” the manufacturer of professional appliances said in a statement.
“Following the assessment that business continuity in Russia, in the current situation, is not possible, Electrolux Professional will cease its operations in the country.”
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Electrolux Professional has 25 employees in Russia, which in 2021 accounted for 1% of the group’s turnover.
It would post a non-recurring cost of 35 million Swedish kroner (3. This may interest you : The report indicates that DSV has interests in acquiring C.H. Robinson’s Global Forwarding Business.31 million dollars) in the second quarter related to the sale, it is said.
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Reporting by Anna Ringstrom, editing by Essi Lehto and Louise Heavens
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