Advertisement
Singapore markets open in 4 hours 18 minutes

  • Straits Times Index

    3,293.13
    +20.41 (+0.62%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • Dow

    38,460.92
    -42.77 (-0.11%)
     

  • Nasdaq

    15,712.75
    +16.11 (+0.10%)
     

  • Bitcoin USD

    64,015.53
    -2,274.45 (-3.43%)
     

  • CMC Crypto 200

    1,378.85
    -45.25 (-3.18%)
     

  • FTSE 100

    8,040.38
    -4.43 (-0.06%)
     

  • Gold

    2,328.20
    -13.90 (-0.59%)
     

  • Crude Oil

    82.77
    -0.59 (-0.71%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • Nikkei

    38,460.08
    +907.92 (+2.42%)
     

  • Hang Seng

    17,201.27
    +372.34 (+2.21%)
     

  • FTSE Bursa Malaysia

    1,571.48
    +9.84 (+0.63%)
     

  • Jakarta Composite Index

    7,174.53
    -7,110.81 (-49.78%)
     

  • PSE Index

    6,572.75
    +65.95 (+1.01%)
     

Emerson to sell Russia business to local management

Reuters
·1-min read
FILE PHOTO: Emerson Electric Co is displayed on a screen on the floor at the NYSE in New York

(Reuters) - Emerson Electric Co said on Tuesday it would sell its Russian business to the local management team for an undisclosed amount, marking the U.S. industrial firm's exit from the country.

The company is divesting its Russian-based manufacturing subsidiary Metran and Emerson LLC, the sales and service organization for Metran.

"Once the transaction closes, Emerson will have no employees or facilities in Russia," Emerson said in a statement.

Emerson said in May it would exit its Russia business that constituted about 1.5% of the company's total sales last year and explore strategic options to divest Metran.

ADVERTISEMENT

The company included a pre-tax loss of $162 million in the third quarter of FY22, accounting for the previously announced Russia exit.

(Reporting by Priyamvada C in Bengaluru; Editing by Vinay Dwivedi)