DELFINGEN INDUSTRY: The DELFINGEN group has sold its plant in Russia

DELFINGEN Industry announced on March 25 the suspension of its activities in Russia operated in its plant in Nizhny Novgorod.

DELFINGEN Industry then started the process of selling its Russian plant to the local management. This sale is effective as of today following the lifting of all suspension conditions.

DELFINGEN Industry will donate the entire sale price to its Corporate Foundation, which works on five pillars: access to decent housing, disability compensation, access to health and education, and environment care.

As a reminder, the Nizhny Novgorod plant became part of the DELFINGEN Group on September 1, 2020 following the acquisition of Schlemmer. It employs 60 people and generated annual net sales of around €6 million in 2021, i.e. approximately 1.6% of the Group's consolidated sales.

This transaction will impact the results for the first half of 2022 with a non-cash adjustment charge related to the Russian entity's contribution to the Group's equity. This amounted to €2.4 million at December 31, 2021.

DELFINGEN, a global leader in protection and routing solutions
for electric and fluid on-board networks.
WWW.DELFINGEN.COM