Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market

Exited Exit Completed

Ferronordic is a service and sales company in the area of construction equipment and trucks. Our network of more than 100 workshops in Russia, CIS and Germany means that we are there where our customers need us.

Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market

Exited Exit Completed
Glob.Revenue, mln.USD
615
The Company Statement
November 23, 2022

Reduced operations due to sanctions, Ferronordic and Volvo CE have agreed to terminate the dealer agreement for Russia, continues to service and repair the existing fleet of Volvo CE machines in Russia, evaluating strategic options, including a potential divestment or downsizing the operations; Ferronordic and Sandvik terminated their dealer agreements for Russia. Ferronordic on 23 December 2022, sold its main Russian subsidiaries Ferronordic Machines LLC, Ferronordic Torgoviy Dom LLC, Ferronordic Torgovaja Kompanija LLC and Ferronordic Arkhangelsk LLC. The buyer is part of the GILK group, a Russian leasing company.

December 23, 2022Ferronordic sells Russian business for $126 mln, shares soar 60%
September 15, 2022Ferronordic and Sandvik enter into distributor agreements for Germany and Kazakhstan and terminate agreements for Russia
August 29, 2022Ferronordic and Volvo CE agree to terminate dealer agreement for Russia
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