Finance, Finance, Group |10.12.2023 08:30
Legrand announces the sale of its Russian activities
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).