LONDON (dpa-AFX) - British automotive firm, Inchcape Plc (INCH.L) said on Tuesday that it has started a process to transition its business in Russia, as its operations in the country are no longer tenable due to ongoing Russian invasion in Ukraine and the U.S. led economic sanctions on Russia.
Except Inchcape's St. Petersburg operations which shut last year, the remaining business generated a revenue of 750 million pounds for fiscal 2021, representing around 10 percent of the Group sales.
In addition, over the last five years, it reported around 5 percent of the company's operating profit.
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