Grundfos completes divestment of its Russian business
The Russian authorities have approved the divestment of Grundfos’ Russian sales company to its local management. With this, Grundfos is now officially out of Russia, the divestment of its production company was approved by Russian authorities earlier this year.
Grundfos has completed the divestment of its Russian business, marking the end of Grundfos’ presence in Russia. The company has not actively conducted any business in Russia for more than two years, and now, Grundfos has officially divested its Russian sales and production companies.
“It has been a long and complicated process, requiring consideration of many different aspects, and patience, due to slow-moving business procedures. We have invested many resources to reach this point, so we are pleased to have finalised this divestment and can now move forward,” says Mikael Geday, CFO of Grundfos in a press release.
Grundfos decided to withdraw from Russia back in 2022 following Russia's invasion of Ukraine. The sale of products in and into Russia was stopped, and a divestment process for both the production and sales companies was initiated.
In December 2022, Grundfos agreed to divest the companies to its local management. Since then, efforts have been focused on getting the divestments approved and finalised.
