Major French electric equipment producer leaves Russian market

Legrand made the decision to leave the Russian market, the French electric equipment producer said on its website on January 25.

"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," the company was quoted as saying by TASS.

"Legrand's activities in Russia accounted for approximately 1.5% of full-year sales in 2022," the company informed. "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."