Following its decision to disengage from Russia as communicated on January 25, 2023, and after examining various options, Legrand announces the sale of its Russian operations to a local industrial player, effective October 4, 20231.
Following this divestiture, Legrand will no longer have any operations in the Russian market.
1 As a reminder, Legrand’s activities in Russia represented about 1.5% of the Group’s annual sales in 2022, with an impairment charge of approximately €150 million recorded on December 31, 2022.
As of June 30, 2023, remaining net balance exposure mainly included conversion reserves (a latent loss of €46 million).
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