France’s chemical company Air Liquide, which focuses on technical gases, has announced its withdrawal from Russia and the transfer of Russian assets to the local management, according to a statement published on Friday.
"Air Liquide confirms today its intention to withdraw from Russia. <…> 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," the statement said.
The activities of the group in Russia will no longer be consolidated starting September 1, 2022, the company added.
Air Liquide employs over 700 people in Russia, with its turnover in the country representing less than 1% of the group’s turnover.
Air Liquide is a world leader in gases, technologies, and services for Industry and Health. It is present in 75 countries. In Russia, Air Liquide currently operates at 18 production facilities in key regions.
