Leroy Merlin Owner to Transfer Russian Business to Local Management

French company Adeo, the owner of retailer Leroy Merlin, announced its plans to transfer the control over Leroy Merlin Russia to the local management.

"After more than 18 years of activity in Russia, transferring control of Leroy Merlin to the local management should preserve the jobs of the 45,000 employees and ensure that the company’s activity remains at the service of the inhabitants," the company said.

Adeo said in a statement that the exit process was initiated several months ago, and since the start of the war in Ukraine, the company has suspended all new investments in Russia.