By Colin Kellaher
Emerson Electric Co. on Tuesday said it agreed to sell its Russia operations to the business's local management team, following through on a pledge to exit the country after Russia's invasion of Ukraine.
The St. Louis technology and engineering company said the sale includes Metran, a supplier of process automation equipment it acquired several years ago to gain more exposure to Russia's energy industry.
Russia represented about 1.5% of Emerson's fiscal 2021 sales of nearly $18.2 billion. The company previously booked a pretax loss of $162 million in the third quarter of fiscal 2022 to reflect the planned divestiture.
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(END) Dow Jones Newswires
September 27, 2022 08:41 ET (12:41 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.