Electrolux Professional will transfer its business in Russia to local management.
The Swedish multinational company for the production of professional household appliances Electrolux Professional ceases its activities in Russia due to imposed sanctions against the Russian Federation for its military aggression in Ukraine.
This is reported Cision.
“Electrolux Professional respects all sanctions and export controls to Russia. Due to the ongoing war and sanctions, we anticipate that we will not be able to sell and service products in Russia in the medium to long term,” said President and CEO Alberto Zanata.
It is noted that Electrolux Professional will transfer its business in Russia to local management.
Other than the exit cost of SEK 35m, the decision to leave Russia is not expected to have any material impact on the group’s earnings.
Electrolux Professional has 25 employees in Russia and in 2021 sales in the country accounted for approximately 1% of the group’s sales.
