Purmo Group Plc | Stock Exchange Release | September 11, 2024 at 18:50:00 EEST
Purmo Group has today on 11 September 2024 sold its Russian operations to a Russian investment company. As a result of the divestment, Purmo Group does not have any activities in Russia. The company's redemption liabilities concerning the Russian business will be paid soon after the completion of the transaction. The parties have agreed that the purchase price will not be disclosed.
On 1 April 2022, Purmo Group announced its intention to exit its business in Russia, and on 28 April 2023, the company announced that it had signed an agreement to sell its Russian business to IPLS. The approval process regarding the closure of the transaction with IPLS took longer than expected and, as a result, the Group continued negotiations with other buyers to sell its Russian operations. On 19 April 2024, the Group announced that it had agreed to sell its Russian business to a Russian investment company and ended negotiations with IPLS.
In 2023, the business in Russia represented approximately 3% of the Group's total net sales. The divestment does not have a material financial impact on Purmo Group and does not affect the financial guidance for 2024.
Further information:
Katariina Kataja, Head of Investor Relations, Purmo Group Plc
Tel. +358 40 527 1427
Distribution:
Nasdaq Helsinki Ltd
Principal media
investors.purmogroup.com
About Purmo Group:
Purmo Group is at the centre of the global sustainability journey by offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. We provide complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our approximately 2,950 employees operate in 23 countries, manufacturing and distributing top-quality products and solutions to our over 100,000 customers in more than 100 countries. Purmo Group's shares are listed on Nasdaq Helsinki with the ticker symbol PURMO. More information: www.purmogroup.com.
