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COLUMBUS EXITS RUSSIA Featured

Denmark-based Columbus is one of the many companies leaving Russia following that country’s invasion of the Ukraine. CEO Søren Krogh Knudsen reported during the week’s webcast for earnings for the year ended December 31 that the reseller has disposed of the operation.

The business, which employs about 213 individuals in Russia, was sold to its management for roughly $300,000. The entity, which also can no longer use the name Columbus, had annual revenue of approximately $10.1 million. The war and resulting economic impact on Russia also substantially reduced the value of the business there. Knudsen said given the decline in the ruble, the carrying value had fallen to about $1.6 million from roughly $3 million. Knudsen also noted, “We continue to provide support for associates and their families in the Ukraine.”

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