Danfoss announces exit from Russian market

The Danish company Danfoss, which produces thermal automation, refrigeration and drive equipment and industrial automation, has announced its intention to sell its business in Russia and Belarus.

“Danfoss has signed an agreement to transfer business in Russia and Belarus to local management, TASS reports referring to the press service of the company.

After the closing of the deal, Danfoss will no longer operate in Russia and Belarus,” the statement says.

The deal to sell the business is expected to close in September 2022. This decision was made by the company's management, including due to failures in the supply chain.