ABB finally leaves the Russian market after Bosch, Siemens and Schneider Electric
By ForGeeks Swedish-Swiss electrical and robotics company ABB Ltd. has received approval to sell its assets in Russia. Based on the decree of President Vladimir Putin, the joint-stock company “Concept-Invest” will become the owner of 100% of the authorized capital of ABB Ltd, previously owned by ABB Asea Brown Boveri Ltd (99%) and ABB Verwaltungs AG (1%).
The company’s assets in Russia will be sold to ABB Asea Brown Boveri Ltd (99%) and ABB Verwaltungs AG (1%).
In addition, Concept-Invest will acquire one percent each in RUOPC LLC (ABB’s Kaliningrad operations center) and RUAE LLC (an electrical equipment manufacturing facility in the Lipetsk region), which are 99% controlled by ABB LLC.
The decision to withdraw ABB from Russia was made in 2022 due to sanctions and logistical difficulties, but the deal has only now been finalized.
The ABB finally leaves the Russian market, following Bosch, Siemens and Schneider Electric was first published on ITZine.ru.
