19 April 2024: Purmo Group has today signed an agreement to sell its Russian operations to a Russian investment company and ended negotiations with IPLS. On 1 April 2022, the Group announced its intention to exit its business in Russia, and on 28 April 2023, announced that it had signed an agreement to sell the operations to IPLS. The approval process regarding the closure of the transaction took longer than expected and, as a result, the Group continued negotiations with other buyers.
Completion of the transaction is subject to approvals by the relevant regulatory authorities in Russia, which are expected to be received during the second quarter of 2024. After the potential divestment, Purmo Group will not have any activities in Russia or any redemption liabilities concerning the Russian business.
In 2023, the business in Russia represented approximately 3% of the Group’s total net sales. The divestment will not have a material financial impact on Purmo Group and will not affect the financial guidance for 2024.
Further information:
Katariina Kataja, Head of Investor Relations, Purmo Group Plc
Tel. +358 40 527 1427
Justin Roux, Head of Global Communications, Purmo Group Plc
Tel: +44 771 742 28 93
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 3,190 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.