By Giulia Petroni 
 

Schneider Electric SE on Monday said that it has signed a binding agreement to divest its Russian business to local management.

The French industrial company said it expects to write-off up to 300 million euros ($312.8 million) of net book value and to make an estimated non-cash reversal of the currency translation reserve of EUR17 million.

The estimated impact will be a result of the divestment as well as of the wind-down of the rest of the company's presence in Russia and the effects of sanctions on its Russia business.

Schneider Electric generated approximately 2% of its total sales in Russia last year. It put on hold new investments and international shipments for new orders to Russia and Belarus after the invasion of Ukraine.

The sale of Schneider Electric Russia is subject to closing conditions, the company said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

July 04, 2022 02:06 ET (06:06 GMT)

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