By Joshua Kirby

 

Air Liquide SA said Friday that it will leave Russia, transferring its activities to a local management team and deconsolidating its business there as of this month.

The decision to leave the country comes in light of the geopolitical context, the French industrial-gas company said. Air Liquide had previously set out a provision of 404 million euros ($401.9 million) relating to its assets in Russia following its invasion of Ukraine earlier this year.

Air Liquide will transfer its Russian assets to a local management team via a buyout subject to regulatory approval, the company said. It employs around 720 people in Russia, which accounts for less than 1% of group revenue, it said.

The divestment to a local team will ensure a sustainable transfer of its activities, notably the supply of oxygen to hospitals, Air Liquide said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

September 02, 2022 03:09 ET (07:09 GMT)

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