Siemens ready to exit Russia and risk hefty financial penalties, due to the Ukraine war
Feyisayo Ajayi
1 min read
Siemens’ business suffers a 600 million euro ($630 million) knock in the first quarter, with more expenditures to come.
The German industrial and technology conglomerate is the latest multinational to report damages as a result of its decision to leave Russia after the invasion on February 24.
Siemens incurred 600 million euros in impairment and other charges, the majority of which were recorded in the company’s train-making mobility division.
Siemens’ second-quarter earnings were hit hard by the charges, with net income falling to 1.21 billion euros ($1.27 billion).
Siemens shares dropped 5% in early trading.
The company has reiterated its full-year plan, with slower growth in factory automation and digital buildings projected to balance a dip in transportation.
This report’s information was first seen on reuters.com; to read more, click this link.
