Sweden's Lindab sells Russia subsidiary to local chief

Lindab International AB

22/08/2022 12:58

Aug 22 (Reuters) - Swedish ventilation systems maker Lindab
 LIAB.ST  said on Monday it had sold its Russian subsidiary to
the company's local managing director, without disclosing the
price of the transaction.  urn:newsml:reuters.com:*:nFWN2ZY1JX
    Lindab announced in April that it would phase out its
Russian operation, which accounted for around 0.5% of the
company's sales at the start of the year.  urn:newsml:reuters.com:*:nFWN2WQ01K
    "As of Aug. 1, Lindab has no operations in, sales to, or
purchases from Russia," the company said in a statement.
    The Russian unit will change its name and work with local
suppliers in the future, it said.
    The transaction had a negative cash flow effect of 12
million Swedish crowns ($1.13 million), while the one-off impact
on earnings amounted to 22 million crowns.

($1 = 10.6632 Swedish crowns)

 (Reporting by Marie Mannes, editing by Terje Solsvik)
 ((Marie.mannes@thomsonreuters.com))