RUEIL-MALMAISON, France — Since February 24, 2022, Schneider Electric has put on hold new investments as well as international delivery of new project orders destined for Russia and Belarus.
After careful review of its set up and options, Schneider Electric is today announcing it has signed a Letter of Intent to sell its Schneider Electric Russia operations to the local leadership team. This agreement will be subject to the approval of local authorities.
Schneider Electric generates approximately 2% of its sales from Russia. As a result of the sale and wind-down of its presence in Russia, the company expects (1) to write-off up to €300 million of net book value, and (2) to make a non-cash reversal of the currency translation reserve associated with these activities currently estimated at €120 million.
Schneider Electric is planning for an orderly transfer and will allocate resources to support its 3,500 employees in Russia and Belarus through the process.