Air Liquide will leave Russia and transfer its operations to local managers
French industrial group Air Liquide, which specializes in industrial gases, announced on Friday its intention to leave Russia, where it employs about 720 people, handing over its operations to local leaders by taking over the company.
Air Liquide’s operations in Russia account for less than 1% of the group’s turnover, which is expected to exceed 23 billion euros in 2021. The French group informs that, In a press releaseFrom 1 its operations in Russia will not be consolidated in its accountsis September.
Completion of the transaction is subject to approval by Russian authorities and the amount of the sale was not disclosed.
Air Liquide spent an extraordinary amount of €404 million on its operations in the country in the first half.
Air Liquide’s announcement of its departure from Russia comes as Russia’s invasion of Ukraine enters its sixth month, prompting several French companies to flee the country. This is the case for Société Générale, which sold its Russian subsidiary Rosbank in May, and Renault, which sold its stake in Avtovaz, the maker of Lada cars, and retained a six-year purchase option.
Others have suspended their operations, such as luxury group Hermès or sports goods specialist Decathlon.
On the other hand, like Decathlon, Leroy Merlin and Auchan, part of the Mullies Galaxy, agri-food group Danone and pharmaceutical giant Sanofi are keeping their operations in the country for the time being.
Oil and gas group Total Energies has also not left the country, saying it would help “To enrich Russian investors” But it announced last Friday that it was selling shares in Terneftegaz, a company accused of producing used fuel for Russian planes involved in the conflict in Ukraine.
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