Atypical of a so-called “French exit,” Paris-based industrial gases producer Air Liquide publicly announced its withdrawal out of Russia, leaving the operations to the local management.
“Taking a responsible and orderly approach, the [Air Liquide] Group has signed a memorandum of understanding with the local management team with the objective to transfer its activities in Russia in the framework of an MBO (management buy out),” the company said in a statement.
As a consequence, the company will also no longer consolidate the Russian activities to the company’s performance starting September 1, 2022.
The 120-year old firm–in the business of supplying industrial firms with oxygen, nitrogen, and hydrogen–said that its Russian operations employs 720 people out of the approximately 66,400 employees in 75 countries. It added that its turnover in Moscow “represents less than 1%” of the global results.
The industrial firm added that the choice of divesting the Russian operations to local counterparts “aims to allow an orderly, sustainable and responsible transfer of its activities in Russia, ensuring notably the continuity of oxygen supply to hospitals.”
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