(Tiper Stock Exchange) – CNH Industrial announces the sale of its assets in Russia for a total gross of approximately 60 million dollars. The communication follows the Company’s announcement that it had suspended supplies to this market in March 2022. To date, payment of employee salaries and coverage of administrative costs in Russia have been regularly guaranteed.
Until March 2022, the Company managed the import and distribution of its products in Russia, local business and financing through its office in the Moscow region. The industrial presence in the country included production sites for agricultural and construction machinery and a spare parts warehouse. These sites took approx 200 employees.
For fiscal 2021, the most recent full year of operations, operations in Russia generated revenues of approximately $380 million, representing 2 percent of the Company’s consolidated revenues in 2021.
In the quarter ended March 31, 2022, CNH Industrial recorded liabilities of $71 million, related to asset writedowns, financial receivables, and deferred tax assets. The Company estimates additional pre-tax liabilities of approximately $20 million in connection with this
to the divestment of assets.