(Alliance News) - Ariston Holding NV made it known over the weekend that it had viewed the Russian presidential decree signed by President Vladimir Putin On April 26, 2024 -- by which the subsidiary Ariston Thermo Rus LLC was placed under the temporary management of JSC Gazprom Household systems, a subsidiary of the Gazprom Group -- only after the news was published by Reuters.
"Following the publication of the news by Reuters," the statement reads, "the company retrieved Presidential Decree No. 294 signed by President Putin and published on the same date in the Russian Official Gazette.
"The Ariston Group," the note continues, "which has been industrially active in the Russian Federation for almost 20 years with very proper relations with local institutions, was not informed in advance of the Decree and is extremely surprised by this initiative.
While waiting for explanations on the unexpected measure, Ariston is "evaluating its implications, including from a governance and management point of view."
The group, the note says, has a dedicated water heating manufacturing plant located outside St. Petersburg with about 200 direct and indirect employees, producing advanced high-efficiency products for the domestic market, a center of excellence for local product development, and a sales office in Moscow, which coordinates about 100 employees also active in local sales branches throughout the Federation, all operating under the renowned Ariston brand.
The group generated sales of about EUR100 million in the Russian Federation in fiscal year 2023 and has a significant asset base to operate in the local market resulting from nearly two decades of investment.
The Russian president has also taken the same measure against German home appliance manufacturer BSH Hausgeräte GmbH, whose Russian subsidiary has been placed under Gazprom's temporary management.
"These measures, which target legitimate economic activities, are yet another proof of Russia's contempt for international law and rules," a spokesman for the EU diplomatic service said in a statement.
Italian Foreign Minister Antonio Tajani, Reuters points out, said the government has summoned Russia's ambassador to provide clarification on the issue, adding that Rome is coordinating with Germany and EU officials in Brussels on the issue.
Ariston Holding's stock closed Friday up 5.3 percent at EUR4.97 per share.
By Chiara Bruschi, Alliance News reporter
Comments and questions to redazione@alliancenews.com
Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.
