12:53 - 27.04.2022

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April 27, Fineko/abc.az. France’s corporation Schneider Electric plans to sell its assets in Russia.

ABC.AZ informs that the company announced this in its report on financial results for Q1 of 2022, published on Wednesday.

"After thorough analysis of its structure and capabilities, Schneider Electric announces the signing of a letter of intent to sell Schneider Electric Russia to a local management team. This agreement must be approved by the local authorities," a press release published on company's website says.

As a result of the transaction, the company expects to write off up to €300 million of the book value.