Agricultural machinery manufacturer CNH Industrial (brands Case, New Holland) announced its withdrawal from Russia and the sale of business in the country for about $60 million. The company did not name the buyer of the business, RBC reports.
CNH Industrial suspended deliveries to the Russian market in March last year, after the start of the Russian military operation in Ukraine, but until now it has paid salaries to employees in Russia.
The company notes that until March 2022, it had a corporate office in the Moscow region, through which it managed the import and distribution of its products in the Russian Federation. Approximately 200 employees worked at CNH Industrial’s facilities.
For the company’s last full year of operations in Russia (financial year ending 2021), revenue from Russian operations was about $380 million, or 2% of consolidated revenue. In the first quarter of last year, the company recorded $71 million in expenses related to the suspension of operations and the sale of the business. The company estimates that it will incur additional pre-tax expenses of approximately $20 million in connection with the sale.
Source: Rosbalt
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