Following the announcement on 1st April 2022 of its intention to exit its business in Russia, Purmo Group has today signed an agreement to divest all of its Russian operations to IPLS, including all related assets and liabilities. This is a sustainable solution for employees and customers. The parties have agreed not to disclose the transaction value.
Purmo Group’s Russian business manufactures and sells steel-panel radiators under a local brand. The divestment will not have a material financial impact on the Group.
Completion of the transaction is subject to approval by the relevant regulatory authority in Russia, and is expected within 3 months. After the completion, Purmo Group will have no redemption liabilities in relation to the Russian business nor activities in Russia.
For full details, read the Stock-Exchange Release at investors.purmogroup.com