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Michelin, Renault and other companies sell their businesses in Russia

Michelin

Michelin, Renault, other companies sell their businesses

Michelin – In an effort to comply with sanctions related to the Ukraine crisis and in response to Kremlin threats that foreign-owned assets may be seized, some Western corporations have decided to sell their Russian holdings or give them over to local managers.

Michelin and Renault

AUTOS

– British auto distributor Inchcape sold local management its Russian operations.

– Italian truck and bus manufacturer Iveco sold a local partner a 33% stake in its joint venture AMT truck assembly in Russia.

-By the end of 2022, French tyre manufacturer Michelin plans to transfer its operations in Russia to a new organisation run locally.

BANKS

-Subject to Russian regulatory permissions, the British bank HSBC agreed to sell Expobank its operations in Russia.

-Consumer lender HCFB and its subsidiaries were among the Russian banking assets that Czech investment corporation PPF sold to a consortium of buyers led by Ivan Tyryshkin.

-Russian oligarch Vladimir Potanin’s company Interros Capital purchased the Russian company Rosbank from Societe Generale of France.

PERSONAL ELECTRONICS

-Swedish appliance manufacturer Electrolux transferred local administration of its operations in Russia.

-Additionally, its Electrolux Professional unit sold local management the Russian portion of its business.

-Arcelik of Turkey acquired the activities of Whirlpool in Russia.

EQUIPMENT & ELECTRICAL COMPONENTS

Finland’s Boreo sold its 90% ownership in YE Russia to businesses Yrjö Pönni, the company’s present director, controls.

Emerson Electric, a US industrial company, agreed to sell its Russia operations to local management.

Russian business will be sold to local management by Finnish elevator manufacturer Kone in Q4 2022.

Schneider Electric of France anticipates concluding the sale of its Russian division to local management by the end of 2022.

ENERGY

Subject to Russian regulatory permissions, French industrial gas firm Air Liquide agreed to transfer its Russian assets to local management.

The transaction is anticipated for H2 2022 after Baker Hughes agreed to sell its oilfield services business in Russia to local management.

Lukoil and a private fund purchased the 56.43% of Enel Russia that the Italian utility owned.