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Sweden's Electrolux sells Russian operations to local management

·1-min read
FILE PHOTO: The Electrolux logo is seen during the IFA Electronics show in Berlin, Germany

HELSINKI (Reuters) -Sweden's Electrolux has decided to exit Russia and sell its business in the country to the local management, the home appliance maker said on Friday.

"Electrolux has no production in Russia and will not supply any appliances to the divested company," it said in a statement.

The company, which had paused operations in Russia following the country's attack on Ukraine, would book a capital loss of some 350 million Swedish crowns ($32.55 million) in its July-September results from the sale, it said.

Electrolux sales in Russia accounted for 1.6% of group sales in 2021.

($1 = 10.7512 Swedish crowns)

(Reporting by Essi Lehto, editing by Stine Jacobsen and Anna Ringstrom)