OSLO, June 29 (Reuters) – Swedish engineering group Sandvik (SAND.ST) will wind down its operation in Russia and book a non-recurring charge of 1 billion Swedish crowns ($98.3 million) in its second-quarter earnings report, the company said on Wednesday.
Sandvik put its Russian business on hold on Feb. 28 following the invasion of Ukraine, and has since assessed the situation.
A large number of Western companies have decided to leave Russia in recent months, some by selling their local business and others by closing it down. read more
In 2021, about 3.6% of Sandvik's group revenue came from Russian customers, it said. The group has no production in the country but about 900 employees in sales and services.
The charge it will book consists of a 700 million crowns writedown and a 300 million crowns provision related to personnel costs.
"Depending on the progress of the wind-down procedures, additional costs may be incurred in the coming quarters," Sandvik said.
($1 = 10.1684 Swedish crowns)
Our Standards: The Thomson Reuters Trust Principles.
Pedro Guimaraes, the chief executive of Brazilian state lender Caixa Economica Federal and a close ally of President Jair Bolsonaro, is set to resign on Wednesday in light of reports he is being investigated by federal prosecutors for sexual harassment, two sources familiar with the matter said.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *