Agricultural and construction machine maker CNH Industrial on Wednesday ceased its operations in Russia and said it sold its business in the region for about $60 million.
In 2022, the Italian-American company halted operations at an assembly plant it runs in Russia.
CNH stopped all exports of products and spare parts to Russia following international sanctions on Moscow and disruption in Ukraine.
CNH had previously said that it did not expect pausing its Russia business to hit its revenue.
CNH will take additional pre-tax charges of about $20 million in connection with the divestitures, the company said in a statement.
The company did not name the buyer of their Russian business.
The company said regarding its employees in Russia that “The payment of employee salaries and other administrative expenses in Russia have been duly guaranteed”.
Source: Reuters.com