STOCKHOLM, Sept. 2, 2022 /PRNewswire/ -- As
previously communicated Electrolux paused its operations in
Russia when the war in
Ukraine commenced. Electrolux has
now decided to exit Russia and
divest the business to local management through a sale of its
Russian subsidiary. A capital loss of approximately SEK 350m will be recorded as a non-recurring item
affecting the operating income for Business Area Europe in the
third quarter 2022.
Russia's invasion of
Ukraine and the following
sanctions have made it impossible for Electrolux to continue its
business in the country. The decision to divest the Russian
business to local management is intended to enable a responsible
and controlled exit. The divested company will continue to service
appliances previously sold by Electrolux in Russia. Electrolux has no production in
Russia and will not supply any
appliances to the divested company.
The final operating income and cash flow effects will be
determined by the balance sheet and exchange rate on the
transaction day.
In 2021 Electrolux sales in Russia accounted for 4% of Business Area
Europe sales and for 1.6% of Group sales.
This is information that AB Electrolux is obliged to make public
pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact person
set out above, on 02-09-2022
12:00 CET.
For further information, please contact:
Sophie Arnius, Investor Relations, +46 70 590 80 72
Paul Palmstedt, Corp. Communications, +46 70 593 92 83
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https://mb.cision.com/Main/1853/3625070/1622539.pdf
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Press release -
Electrolux exits Russia - September 2 2022
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