April 19 (Reuters) – Agricultural and construction machinery maker CNH Industrial ( CNHI.MI ) on Wednesday halted its operations in Russia and said it was selling its regional business for about $60 million.
In 2022, the Italian-American company ceased operations at an assembly plant it operated in Russia.
CNH has stopped all exports of products and spare parts to Russia following international sanctions on Moscow and disruption in Ukraine.
CNH had previously said it did not expect the shutdown of its Russian business to hit its profits.
CNH will take additional pre-tax charges of about $20 million in connection with the divestitures, the company said in a statement.
The company did not name the buyer of its Russian business.
The company said about its employees in Russia that “The payment of employees’ salaries and other administrative expenses in Russia is already guaranteed”.
Reporting by Mrinmay Dey in Bengaluru; Editing by Mark Porter
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