Icon of US industry to quit Russia – RBK

American industry and safety equipment giant 3M is in talks to sell its assets in Russia to a domestic paint manufacturer, business daily RBK reported on Friday.

The US conglomerate owns two plants in the country where it produced devices for the oil industry as well as personal protective equipment. 3M suspended operations in Russia in March last year following the start of Moscow’s military operation in Ukraine and decided to sell its assets in September.

According to RBK’s sources, the buyer is VPM Research and Production Holding, an industrial paints and coatings manufacturer.

3M’s assets in Russia are estimated at about $50 million. However, deals with foreign investors from so-called “unfriendly” countries (those that imposed sanctions against Russia) typically only receive government approval if the assets are sold with at least a 50% discount off market value, the daily writes. The American company will reportedly only sell its equipment and not its technology, which will also see the price reduced.

3M, originally the Minnesota Mining and Manufacturing Company, operates in 70 countries and employs 90,000 people globally.

For more stories on economy & finance visit RT's business section