Air Liquide leaves Russia and will transfer its activities to local managers
Air Liquide, a French industrial group specializing in industrial gases, announced on Friday its intention to leave Russia, where it employs nearly 720 people, by transferring its activities there to local leaders via the takeover of the company by the latter.
Air Liquide’s activities in Russia represent less than 1% of the group’s turnover, which in 2021 reached more than 23 billion euros. The French group makes it known, in a press releasethat its activities in Russia would no longer be consolidated in its accounts as of 1is september.
The completion of the transaction remains subject to the approval of the Russian authorities and the amount of the sale has not been disclosed.
Air Liquide had already spent in the first half an exceptional provision relating to its activities in the country, amounting to 404 million euros.
Air Liquide’s departure from Russia is announced as Russia’s invasion of Ukraine enters its sixth month, prompting many French companies to leave the country. This is particularly the case of Société Générale, which sold its Russian subsidiary Rosbank in May, but also of Renault, which notably sold its shares in Avtovaz, manufacturer of Lada cars, retaining a buyout option for six year.
Others have suspended their activities, such as the luxury group Hermès or the sporting goods specialist Decathlon.
On the other hand, Leroy Merlin and Auchan, which, like Decathlon, are part of the Mulliez galaxy, are maintaining their activities in the country for the moment, as are the agri-food group Danone and the pharmaceutical giant Sanofi.
Oil and gas group TotalEnergies has also not left the country, saying it would help “to enrich Russian investors” but announced last Friday the sale of its shares in the company Terneftegaz, accused of manufacturing fuel used by Russian planes engaged in the conflict in Ukraine.