The Weir Group has reported it is currently winding down its business in Russia, with an estimate that this could impact overall operating profit by up to £20m.
The Glasgow-based engineering company's first quarter trading update explained that its Russian divisions comprise a sales and a service organisation employing 267 people, the majority of which work in its minerals division.
Russian assets are made up of inventory and receivables and represent around 2% of overall net assets. A review is currently being undertaken into the “recoverability” of these, but that it is expected to result in an exceptional write-off during 2022.
