CNH Industrial sells Russia business (updated)
19/04/2023 22:13
(Adds details, background)
April 19 (Reuters) - Agricultural and construction
machine maker CNH Industrial CNHI.MI on Wednesday ceased its
operations in Russia and said it sold its business in the region
for about $60 million.
In 2022, the Italian-American company halted operations at
an assembly plant it runs in Russia.
CNH stopped all exports of products and spare parts to
Russia following international sanctions on Moscow and
disruption in Ukraine.
CNH had previously said that it did not expect pausing its
Russia business to hit its revenue.
CNH will take additional pre-tax charges of about $20
million in connection with the divestitures, the company said in
a statement.
The company did not name the buyer of their Russian
business.
The company said regarding its employees in Russia that "The
payment of employee salaries and other administrative expenses
in Russia have been duly guaranteed".
(Reporting by Mrinmay Dey in Bengaluru; Editing by Mark Porter
and Sandra Maler)
((Mrinmay.Dey@thomsonreuters.com;))