Electrolux To Exit Russia; Sees Loss Of About SEK 350 Mln In Q3

Electrolux AB (0MDT.L,0GQ1.L,ELUXY.PK), a Swedish home appliance maker, said on Friday that it has decided to exit Russia through the sale of its Russian arm to a local management.

A capital loss of about SEK 350 million will be reported in the third quarter, as a non-recurring item, impacting the operating income of Business Area Europe of the Group.

The divested firm 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. In 2021, Electrolux sales in Russia accounted for 1.6 percent of the Group sales.

Russia's invasion in Ukraine, and economic sanctions imposed by the U.S. and western countries have made it impossible for the Swedish major to continue to function in the country.

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