Finance, Group |01.25.2023 18:00
Legrand announces its intention to disengage from Russia
In view of recent developments, including rising operational complexity and uncertainty, Legrand has decided to divest its Russian operations and is currently reviewing options for transferring their control in a timely and orderly manner.
Legrand's activities in Russia accounted for approximately 1.5% of full-year sales in 2022. As of December 31, 2022, the Group’s balance-sheet exposure to Russia, including currency translation reserves, amounted to approximately €200 million, of which close to €150 million will be booked in respect of its 2022 consolidated financial statements as an assets impairment, with no impact on the Group’s adjusted operating profit.
Legrand believes this disengagement is the best option to ensure its ongoing compliance with all legislation and regulations as well as the long-term continuity of local operations for its employees and customers.