Uponor Corporation, Investor News, 1 March 2023 at 10:00 am EET
Uponor completes Russian market exit
Uponor Corporation, a leading provider of sustainable water solutions, has completed its exit from the Russian market in accordance with local government authority requirements. Uponor has divested its business in Russia to local management which provides a sustainable solution for employees and customers. Throughout the various processes, Uponor's priority has been ensuring the safety and wellbeing of employees. The value of the transaction is not disclosed.
Uponor strongly condemns Russia's invasion of Ukraine. Human rights, safety and improving the quality of life are very important for Uponor. Uponor has fully committed to complying with all trade sanctions applicable to its operations from the beginning of the war, and it has now ceased all business operations in Russia.
The divestment process took longer than expected due to local government authority requirements. The divestment follows Uponor's announcement of initiating the sale of its Russian operations in June 2022 after an earlier decision to stop all imports from and exports to Russia at the outbreak of the invasion of Ukraine.
As part of the divestment, the business will operate under the local management's ownership with a different brand. The business currently employs 51 persons in Russia. Uponor's total assets in Russia accounted for 1.3% of total Group assets. The financial impact of the divestment is in line with the write-downs of net assets made in 2022 and therefore do not have material impact on Uponor's Q1 2023 financials.
Uponor will publish its Q1/2023 report on 26 April 2023.
Further information:
Franciska Janzon
Senior Vice President, Corporate Communications and IR
Uponor Corporation
Tel. +358 (0)20 129 2821
Uponor in brief
Uponor is a leading global provider of solutions that efficiently and effectively move water through cities, buildings, and homes. We help customers in residential and commercial construction, municipalities, and utilities, be more productive - and continuously find new ways to conserve, manage and provide water responsibly, unlocking its potential to provide comfort, health, and efficiency. Our safe drinking water, energy-efficient radiant heating and cooling systems, and reliable infrastructure solutions are sold in more than 80 countries. Uponor employs about 4,000 professionals in 26 countries in Europe and North America.
In 2022, the company's net sales totalled approximately €1.4 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponorgroup.com
