Schneider Electric announced that revenues increased in the first quarter with the company announcing that it plans to sell its Russian operations to the local administration.
The French group stressed that revenues amounted to 7.57 billion euros, higher by 9.8% on an organic basis and were supported by strong demand in all markets.
Following the decision to suspend new investment and international deliveries of new project orders to Russia and Belarus due to the war in Ukraine, Schneider Electric said it had now decided to sell its operations in Russia to the local government.
As a result, it expects to write off about € 300 million of net book value in relation to its operations in Russia.
The sale agreement is subject to the approval of the local authorities. From these activities in Russia, Schneider Electric earns almost 2% of its sales.
Meanwhile, the company stressed that the lockdown in Shanghai had a negative effect on some of the factories and distribution centers, and maintaining them in April will also affect second-quarter revenue in China.
Source: Capital
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