Foss has decided to sell its Russian subsidiary, Foss Russia LLC, to local management. At the same time all activities through FOSS’ distributor in Belarus will terminate. With the closing of the transaction, Foss will no longer operate in Russia and Belarus.
Due to the Russian invasion of Ukraine, Foss decided to suspend all new instrument sales to Russia (as of 28 February 2022) and to Belarus (as of 4 March 2022). Service contracts and spare parts supply on the installed instrument base in Russia and Belarus was continued in respect of all applicable sanctions.
In light of the continued situation in Ukraine, Foss has decided to exit Russia and has on 13 January 2023 submitted an application with the relevant authorities to get approval to sell its Russian business to local management. The transaction is expected to be approved later in 2023 and will allow local management to establish and run their own business in Russia.
The Foss brand and other Foss intellectual property rights are not part of the divestment and will therefore remain fully within Foss’ ownership.
With the closing of the transaction Foss will no longer operate in Russia. Concurrently, Foss has decided to terminate the contract with its distributor in Belarus, MILTERA.
“Foss would like to thank all its trusted colleagues, customers and partners in Russia and Belarus for their support and collaboration throughout the years,” the press release stated.