Ponsse who are one of the world’s largest manufacturers of cut-to-length forest machines has pulled out of Russia.
On Monday the logging company completed the sale of all shares in OOO Ponsse, which is a subsidiary who provided PONSSE services in Russia and Belarus.
Sales in Russia and Belarus accounted for about 20% of the company’s net sales, which was last calculated from the 2021 financial statements.
After the conditions of the transaction were met, Ponsse’s business operations in Russia transferred to OOO Bison, a Russian company, and the trade received the approval of the local authorities.
All facilities of OOO Ponsse, including spare parts warehouses and maintenance vehicles, as well as its personnel have been transferred to OOO Bison.
Ponsse will classify the traded functions as asset items available for sale and report them as discontinued operations.
The company has reported continuing operations since its mid-year report published on 9 August 2022 to correspond to the new business structure.
The impact of the business arrangement will be reported in the Q3 interim report to be published on October 24, 2023. The impact of the arrangement on the results of discontinued operations is expected to be negative, but it does not affect the company’s performance guidance.
Ponsse announced its intention to divest its operations in Russia on 15 June 2022 and that it has signed a deed of sale regarding all shares in OOO Ponsse on 28 June 2022. The sale was completed on Monday.