DENMARK: Danfoss has signed an agreement to divest its businesses in Russia and Belarus to local management.

The move follows the announcement on April 1 that it was planning a “controlled exit” from activities in Russia and Belarus as a result of the war with Ukraine.

The transaction is expected to be completed in December, at which point Danfoss will no longer operate in Russia and Belarus.

Danfoss has been operating in Russia since 1993. It has an office in Moscow, which is thought to employ around 25 people and an office in Minsk. It also owns heat exchanger manufacturer Ridan in Nizhny Novgorod.