France's Schneider Electric to sell Russian assets to local management

French blue chip Schneider Electric will sell its operations in Russia and Belarus to the local management, the electrical equipment maker said on Wednesday.

As a result, the company said it would write off of up to 300 million euros of net book value and make a non-cash reversal of the currency translation estimated at 120 million euros. "We continue to comply with applicable sanctions and are progressing with a plan to transfer our Russia operations to our local leadership," the company's chairman and chief executive Jean-Pascal Tricoire said in a statement.

The group employed 3,500 people in Russia and Belarus, while revenues generated by the Schneider Electric Russia operations accounted for 2 per cent of sales, it said. Separately, Russia's Interfax news agency late on Tuesday reported that French carmaker Renault would transfer its 68 per cent stake in Russia's biggest national carmaker Avtovaz to a Russian science institute.

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