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Air Liquide has signed an agreement to sell its business in Russia to the local management team as it is leaving the country due to the Russian invasion of Ukraine, the company announced on Friday.
The French manufacturer of industrial gases, which operates in Portugal, explained in a statement that the agreement was signed so that there is a “responsible and orderly” exit. pending the approval of the Russian authorities.
In addition, Air Liquide reported that its business in Russia will cease to be consolidated in terms of financial accounting, as of September 1, a decision that it justified with “geopolitical evolution.”
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The sale of the business to local leaders is intended to enable a “orderly, viable and responsible transfer” that guarantees, in particular, the continuity of the oxygen supply to hospitals.
When presenting the economic results of the first half of this year, the company had anticipated the creation of an exceptional provision for 404 million euros to cover assets in Russia, noting that this “would have no impact” on the business group’s treasury.
liquid air employs 720 people in Russia and yours turnover represents less than 1% of global turnover.
Source: Observadora
