Emerson has inked an agreement to sell its Russia business, including Metran, its Russia-based manufacturing subsidiary, and Emerson LLC in Russia, the sales and service organization for Metran, to the local management team.
This announcement follows the company’s May statement to exit its Russia business and explore strategic options to divest Metran.
For fiscal year 2021, Russia represented approximately 1.5 per cent of total Emerson sales. As part of the previously announced Russia exit, Emerson included a pre-tax loss of $US162 million in the third quarter of fiscal 2022.
The transaction will be subject to regulatory and government approvals, and other customary closing conditions. Emerson will work closely with the local Russia management team to help ensure a smooth transition for employees through the process.