Aug 22 (Reuters) - Swedish ventilation systems maker Lindab (LIAB.ST) said on Monday it had sold its Russian subsidiary to the company's local managing director, without disclosing the price of the transaction.
Lindab announced in April that it would phase out its Russian operation, which accounted for around 0.5% of the company's sales at the start of the year.
"As of Aug. 1, Lindab has no operations in, sales to, or purchases from Russia," the company said in a statement.
The Russian unit will change its name and work with local suppliers in the future, it said.
The transaction had a negative cash flow effect of 12 million Swedish crowns ($1.13 million), while the one-off impact on earnings amounted to 22 million crowns.
($1 = 10.6632 Swedish crowns)
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August 22, 2022 at 07:04PM
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Sweden's Lindab sells Russia subsidiary to local chief - Reuters
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