Danish manufacturer of energy-saving and other industrial equipment Danfoss has entered into an agreement to transfer business in Russia and Belarus to local management, according to a press release distributed by the company on Friday.
„Today, Danfoss announces that it has signed an agreement to transfer its business to local management. After the closing of the transaction, Danfoss will no longer operate in Russia and Belarus. The closing of the transaction is expected in September 2022,” the message says.
In early April, the company announced its withdrawal from the markets of Russia and Belarus. “Following the suspension of our business operations in Russia on February 28 and in Belarus on March 4, we have been constantly assessing the situation. Given the impact of sanctions, disruptions in the supply chain and other logistics problems, we have decided to initiate a controlled exit from Russia and Belarus,” Danfoss representatives said.
Danfoss is a leading global manufacturer of thermal and industrial automation, refrigeration and drive technology. The company has been present in the Russian Federation since 1993.