"In view of the evolution of the situation, and in particular the increase in operational difficulties and uncertainties, Legrand has decided to withdraw from Russia and is examining its various options to ensure a transfer of its activities under the best conditions", the manufacturer said in a statement.
Legrand pointed out that its activities in Russia represented "in 2022 approximately 1,5% (of its) annual sales".
The group "considers that this disengagement constitutes the best option in order to continue to comply with the applicable regulations and to preserve the long-term continuity of local activities for its employees and customers".
Some 1.100 people work for the group in Russia, where Legrand has four factories, according to a spokeswoman. The company manufactures products locally and also imports them.
In addition, the exposure of its balance sheet to its activities in the country is "about 200 million euros".
"Of this amount, nearly 150 million euros will be recorded in the 2022 consolidated financial statements as asset impairment, with no impact on the Group's adjusted operating profit", he further indicated.
The company earned 812 million euros in net profit during the first nine months of 2022, up 16,1% year on year, for a turnover of 6,154 billion (+ 19,1%). Its annual results will be published on February 9.
Legrand was one of the few French companies that had continued their activities in Russia, hit by multiple European sanctions after the invasion of Ukraine on February 24, 2022, such as Bonduelle, Leroy Merlin and Auchan (Mulliez), or even Lactalis.