Grundfos completes exit from Russia

Grundfos, a Danish pump manufacturer, has finalized the sale of its last company in Russia, as approved by Russian authorities. This concludes Grundfos’ exit from the country. The process, described as lengthy and complex by CFO Mikael Geday, required navigating slow business processes. The sales did not include rights to the Grundfos brand. The exit strategy began in August 2022 when operations in Russia were paused in response to the invasion of Ukraine. By December 2022, an agreement was made to sell the firm’s Russian and Belarusian activities to local management, with final approvals anticipated in the first quarter of 2023. Despite fears of potential failure to divest as mentioned in August 2023 by Communications Chief Maria Andrén, Grundfos managed to execute the sale, unlike some other companies like Carlsberg, which faced state takeover of their Russian businesses.