Swedish manufacturer of household and professional appliances Electrolux is leaving the Russian market and will transfer the business to the local management. This is stated in the company’s press release.
“Electrolux has decided to leave Russia and transfer the business to local management by selling its subsidiary in Russia,” it said in a statement.
It noted that the company recognizes a 350 million kronor ($35 million) loss in the third quarter of 2022 as a one-time item affecting operating profit for the Europe business area.
The firm added that the decision to transfer the business to local management will ensure a “responsible and controlled” exit from the Russian market. At the same time the subsidiary will continue to service Electrolux equipment, which was sold in Russia earlier.
The press service summarized that Electrolux will no longer supply household appliances in Russia.
On July 11 Electrolux Professional announced its decision to stop activities in Russia and transfer the business to the local management.