Air Liquide to exit from Russia via MBO
Gasses supply Air Liquide has become the latest firm to exit from Russia, against the backdrop of the continuing war with Ukraine. In what it says is “taking a responsible and orderly approach”, the group has signed a Memorandum of Understanding with the local management team with the objective to transfer its activities in Russia in the framework of an MBO (Management Buy Out). This project is notably subject to Russian regulatory approvals. In parallel, as a consequence of the evolution of the geopolitical context, the activities of the group in Russia will no longer be consolidated starting 1 September 2022.
Air Liquide employs close to 720 people in Russia and its turnover in the country represents less than 1% of the group’s turnover. This divestment project to local managers aims to allow an orderly, sustainable and responsible transfer of its activities in Russia, ensuring notably the continuity of oxygen supply to hospitals, it adds.
As a reminder, the group has previously announced, in the context of the closing of its accounts at 30 June 2022 an exceptional provision of EUR404 million on the group’s assets in Russia, which has no impact on cash.
