Emerson sells Russian operations to local management

Emerson Electric Company is displayed on a screen on the floor of the New York Stock Exchange (NYSE) on January 13, 2020 in New York, U.S. REUTERS/Brendan McDermid/File Photo

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Sept 27 (Reuters) – Emerson Electric (EMR.N) said on Tuesday it would sell its Russian business to a local management team for an undisclosed price, marking the U.S. industrial company’s exit from the country.

The company is spinning off its Russian-based manufacturing subsidiary Metran and Emerson LLC, Metran’s sales and service organization.

“Once the transaction closes, Emerson will have no employees or facilities in Russia,” Emerson said in a statement.

Emerson said in May it would exit the Russian business, which accounted for about 1.5 percent of the company’s total sales last year, and explore strategic options for spinning off Metran.read more

The company included a pretax loss of $162 million in 3QFY22, which was the reason for the previously announced exit from Russia.

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Reporting by Priyamvada C in Bengaluru; Editing by Vinay Dwivedi

Our Standard: The Thomson Reuters Trust Principles.

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