NSANF - Nissan to book ~$687M loss as it sells Russian business for Euro1
- Nissan Motor ( OTCPK:NSANY ) will book a loss of about $687M from the sale of its business in Russia to a state-owned entity Moscow-based Central Research and Development Automobile Engine Institute for €1 - Reuters .
- The deal will give Nissan the right to buy back the business within six years, Russia's industry and trade ministry said.
- The company suspended production at its plant in St. Petersburg in March due to supply-chain disruptions, following Russia’s invasion of Ukraine and after seeing no signs of the business environment changing, it decided to exit the Russian market.
- The exit comes as Nissan has embarked on a major shift in its relationship with Renault.
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Nissan to book ~$687M loss as it sells Russian business for €1