© Reuters. FILE PHOTO: Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File Photo
(Reuters) – Emerson (NYSE:) Electric Co said on Tuesday it would sell its Russian business to the local management team for an undisclosed amount, marking the U.S. industrial firm’s exit from the country.
The company is divesting its Russian-based manufacturing subsidiary Metran and Emerson LLC, the sales and service organization for Metran.
“Once the transaction closes, Emerson will have no employees or facilities in Russia,” Emerson said in a statement.
Emerson said in May it would exit its Russia business that constituted about 1.5% of the company’s total sales last year and explore strategic options to divest Metran.
The company included a pre-tax loss of $162 million in the third quarter of FY22, accounting for the previously announced Russia exit.