Swedish home appliance company Electrolux announced on Friday that it is selling its business in Russia, as part of its decision to exit the Russian market entirely
The Swedish giant’s Russian company is being bought by the management team.
“Electrolux has no production in Russia and will not supply appliances to the divested company,” it said in a statement, according to Reuters.
The Swedish company, which had suspended its activity in Russia after Moscow’s invasion of Ukraine and has now decided to sell off its assets there, will post a loss of about $32.55 million in its third-quarter results.
It is noted that Electrolux’s sales in Russia represented 1.6% of the group’s total sales in 2021.
Source: Capital
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