Industrial Gas Firm Air Liquide to Exit Russia

War Impact Industrial Gas Firm Air Liquide to Exit Russia

05.09.2022 Source: Press release Air Liquide

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Amidst the ongoing war between Russia and Ukraine, Air Liquide has decided to quit the Russian market which contributes less than 1 % of the Group’s turnover. The company has entered into a MOU with the local management team to systematically transfer its activities in the country through a Management Buy Out.

Paris/France – Air Liquide has recently confirmed its intention to withdraw from Russia. Taking a responsible and orderly approach, the 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). This project is notably subject to Russian regulatory approvals. In parallel, as a consequence of the evolution of the geopolitical context, the activities of the Group in Russia will no longer be consolidated starting September 1, 2022.

Air Liquide employs close to 720 people in Russia and its turnover in the country represents less than 1 % of the Group’s turnover. This divestment project to local managers aims to allow an orderly, sustainable and responsible transfer of its activities in Russia, ensuring notably the continuity of oxygen supply to hospitals. As a reminder, the Group has previously announced, in the context of the closing of its accounts at June 30, 2022 an exceptional provision of 404 million euros on the Group’s assets in Russia, which has no impact on cash.

(ID:48560069)

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