STOCKHOLM, August 22. /TASS/. Swedish ventilation company Lindab has completed its withdrawal from the Russian market, the company said in a statement on Monday.

"As of August 1, Lindab has no operations in, sales to, or purchases from Russia," the company said.

"As part of the exit process, Lindab's Russian subsidiary has been sold to the company's local Managing Director. The Russian company will change its name and work with local suppliers in the future," according to the statement.

"In the quarterly report for the first quarter, the one-off costs related to the exit were estimated at 19 million Swedish kronor (almost $1.9 mln). The final one-off costs that affect the operating profit amount to 22 million Swedish kronor (almost $2.2 mln), of which 3 million Swedish kronor (almost $300,000) will impact the result in the third quarter. The transaction has a negative cash flow effect of 12 million Swedish kronor (about $1.2 mln).

According to the company’s website, Lindab is "a leading ventilation offering solutions for energy-efficient ventilation and a healthy indoor climate in Europe." In 2021, the company’s sales amounted to 9,648 million Swedish kronor (nearly $964 million). Lindab is represented in 20 countries and employs about 4,900 people.