Electrolux Professional sells Russia business to local management (updated)

Electrolux Professional AB (publ)

11/07/2022 07:44

(Adds detail, background)
    STOCKHOLM, July 11 (Reuters) - Sweden's Electrolux
Professional  EPROb.ST  is selling its business in Russia to its
local management and leaving the country, the company said on
Monday. 
    “As a result of the continued war and sanctions, we foresee
that we will not be able to sell and service products in Russia
in the medium to long term," the maker of appliances for
professional use said in a statement. 
    "Following the assessment that business continuity in
Russia, in the current situation, is not feasible, Electrolux
Professional is to cease its operations in the country," 
     Electrolux Professional has 25 employees in Russia, which
in 2021 accounted for 1% of group sales. 
     It would book a one-off cost of 35 million Swedish crowns
($3.31 million) in the second quarter related to the divestment,
it said. 
    
 ($1 = 10.5694 Swedish crowns)       
    

 (Reporting by Anna Ringstrom, editing by Essi Lehto and Louise
Heavens)
 ((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))