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Legrand will withdraw from Russia

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Legrand will withdraw from Russia

(AOF) – Legrand, a global specialist in electrical and digital building infrastructures, has decided to withdraw from Russia and is examining its various options to ensure a transfer of its activities under the best conditions. Its activities in Russia represented in 2022 around 1.5% of the group’s annual sales. As of December 31, 2022, the group’s balance sheet exposure relating to its activities in Russia, including translation reserves, amounted to around €200 million.

Of this amount, nearly €150 million will be recorded in the 2022 consolidated financial statements as asset impairment, with no impact on the Group’s adjusted operating income.

Legrand considers that this disengagement constitutes the best option in order to continue to comply with the applicable regulations and to preserve the long-term continuity of local activities for its employees and customers.

The company will announce its annual results on February 9.

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