In this situation, the French power engineering company Schneider Electric decided to sell its assets in Russia to local management. As a result of this procedure, it is reported that up to €300 million of the net book value will be written off.
The staff of Schneider Electric in Russia and Belarus is about 3,500 employees. Last year, these countries accounted for approximately 2% of total revenue (€28.9 billion). As of February 24, 2022, Schneider Electric has suspended new investments and international deliveries as part of new projects in Russia and Belarus. Now a decision has been made to transfer the assets.
Image Source: Schneider Electric
“ After a thorough analysis of the company’s assets and possible scenarios, Schneider Electric announces that a letter of intent has been signed to sell the Schneider Electric assets in Russia to the company’s management in the country. The deal will have to be approved by the local authorities ,” the official statement said. Schneider Electric is planning a streamlined transition process in which the company will allocate the funds needed to support employees in Russia and Belarus.
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