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France's Schneider Electric to sell Russia unit to local management

·1-min read
The logo of Schneider Electrics is pictured at the company's headquarters in Rueil-Malmaison near Paris

PARIS (Reuters) -France's Schneider Electric SE has agreed to sell its Russian unit to the local leadership team, it said on Monday, joining a wave of companies divesting their Russian businesses.

Schneider Electric said it expected to write off up to 300 million euros ($313 million) in net book value as a result of the divestment.

"Schneider Electric is planning an orderly transfer and is allocating resources to support the employees in Russia and Belarus through the process," the company said.

Last week, Michelin said it planned to hand over its Russian activities to a new entity under local management by the end of the year while rival Nokian Tyres PLC also said it would leave Russia.

Foreign companies seeking to exit Russia as a result of the war in Ukraine, which Russia calls a 'special operation', also face the prospect of a new law being passed in the coming weeks which would allow Moscow to seize assets and impose criminal penalties, which has encouraged some businesses to accelerate their departure.

Diageo, the world's largest spirits maker, Finnish elevator maker Kone and Finnish forestry machine manufacturer Ponsse have also announced plans to leave Russia.

($1 = 0.9587 euros)

(Reporting by Sudip Kar-Gupta; editing by Christopher Cushing and Jason Neely)