US Technology Company Emerson Says Will Sell Business In Russia To Local Management

The US technology company Emerson announced on Tuesday that it plans to sell its Russia business to the local management as part of the previously announced exit from that country

WASHINGTON (UrduPoint News / Sputnik - 27th September, 2022) The US technology company Emerson announced on Tuesday that it plans to sell its Russia business to the local management as part of the previously announced exit from that country.

"Emerson today announced 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," the company said in a statement.

In 2021, Russia represented approximately 1.5% of Emerson's total sales and included a pre-tax loss of $162 million in the third quarter of fiscal 2022, the statement said.

Emerson is going to work closely with the local Russia management team to help ensure a smooth transition for employees through the process, the statement added.

The company describes itself as a leader in industrial automation, which helps process, hybrid, and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals through its automation solutions.

On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk requested help to defend them from intensifying Ukrainian attacks. In response, the United States and its allies imposed comprehensive sanctions against Russia that includes airspace closures and restrictive measures targeting numerous Russian officials and entities, media, and financial institutions. Dozens of transnational companies announced their exit from Russia in response to the special military operation.