- In July, Schneider Electric revealed that it had clinched a deal with the top management of their Russian unit on the divestment of their Russian business
According to TASS, Russia's state-owned news agency article published on October 18, 2022, Russian President Vladimir Putin signed a decree on October 17, authorizing the sale of shares in the Samara-based asset of Schneider Electric to Acron Industriya.
"Acron Industriya is authorized to carry out the deal on acquiring 22.5 mln ordinary shares in private joint stock company Electroshield Samara Holding owned by Schneider Electric Industries" the document reads. The presidential decree was posted on the official web site of legal information.
The holding is the owner of the Electroshield plant, the Samara-based producer of electrical equipment. The company’s authorized capital consists of 37.5 mln shares.
In July, Schneider Electric revealed that it had clinched a deal with the top management of their Russian unit on the divestment of their Russian business.
The group expects to write off the book value of euro 300 mln as a result of the deal. The company halted investments in Russia as of February 24, Schneider Electric said earlier.
