Zurich – Hitachi Energy today announced the completion of the sale of its Russian business to its local management team.
Against the backdrop of many decades of operations in Russia and the current environment, Hitachi Energy decided to exit the market. The sale of its business to the local management team is the best option for the employees and customers in Russia. The regulatory clearances are ongoing. Key clearances have been given and the company plans an orderly transfer to enable a seamless transition for all stakeholders involved, in line with regulatory requirements and international sanctions.
The new local entity will operate independently in multiple locations in Russia and will be able to run the business with the experienced local staff that have worked successfully within the power grids industry for a long time. Going forward, all Hitachi Energy activities related to Russia will cease and the business relationship between Hitachi Energy and the new local entity will be conducted as independent entities.
