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France’s Schneider Electric prepares investment contract with Russia

May 26, 21:38 UTC+3 MOSCOW
Schneider Electric plans to set up new production facilities and additionally localize products at existing assets in Russia, vice president says
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© EPA/MAURITZ ANTIN

MOSCOW, May 26. /TASS/. Schneider Electric is drafting an investment contract to set up new production facilities and additionally localize products at existing assets in Russia, Vice President for Strategy and New Business Development Armen Badalov told TASS on Thursday.

The management of the French company plans to negotiate the contract on the sidelines of the St. Petersburg International Economic Forum in June.

"The Russian market is a priority one for Schneider Electric," Badalov said. "The company already invested over $1 bln into localization of equipment and technologies on the Russian territory and continues investing. Russia is the second market in Europe and the fourth in the world in terms of business volume," he added.

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