France's Schneider Electric to sell Russian assets to local management

FILE PHOTO: The logo of Schneider Electric is seen at the company's headquarters in Rueil-Malmaison, France, August 17, 2019. REUTERS/Charles Platiau

(Reuters) - French blue chip Schneider Electric will sell its operations in Russia and Belarus to the local management, the electrical equipment maker said on Wednesday as it signed a letter of intent with the designated buyers.

"That's the vast majority of what we have over there," the company's finance chief told journalists in a call, adding that only a few unconsolidated assets would not be part of the deal.