STOCKHOLM -Sweden's Electrolux Professional is selling its business in Russia to its local management and leaving the country, the company said on Monday.
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“As a result of the continued war and sanctions, we foresee that we will not be able to sell and service products in Russia in the medium to long term," the maker of appliances for professional use said in a statement.
"Following the assessment that business continuity in Russia, in the current situation, is not feasible, Electrolux Professional is to cease its operations in the country,"
Electrolux Professional has 25 employees in Russia, which in 2021 accounted for 1% of group sales.
It would book a one-off cost of 35 million Swedish crowns ($3.31 million) in the second quarter related to the divestment, it said.
($1 = 10.5694 Swedish crowns)