IPG Photonics Reports Sale Of Entire Interest In Its Russian subsidiary, IRE-Polus; Proceeds From Transaction Total $51M Before Advisory And Other Fees
Portfolio Pulse from Benzinga Newsdesk
IPG Photonics has sold its entire interest in its Russian subsidiary, IRE-Polus, for $51 million. This sale marks IPG's complete exit from Russia, following sanctions due to the Ukraine conflict.
August 29, 2024 | 8:01 pm
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IPG Photonics has completed the sale of its Russian subsidiary, IRE-Polus, for $51 million, marking its full exit from Russia due to sanctions related to the Ukraine conflict.
The sale of the Russian subsidiary is a significant move for IPG Photonics as it aligns with the company's strategy to exit the Russian market due to geopolitical tensions. This could positively impact the stock by removing uncertainty related to Russian operations and aligning with global sanctions.
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