Henkel on Friday said it expects to see a net financial loss in the deal to sell its Russian business.

The consumer goods group did not disclose the amount of losses but pointed out that the currency exchange effect would play a role in the transaction.

Further details on the deal will be provided in the company’s first-half earnings release in August, it added.

On Thursday evening, Henkel announced that it had sold its business in Russia to a consortium of local financial investors for 600 million euros ($657.54 million), as it finalises its exit from the country.

The maker of Persil washing detergents and Pritt glue has been active in Russia for more than 30 years and most recently operated 11 production sites there.

Henkel is among many Western firms that have decided to leave Russia following its invasion of Ukraine, which prompted many countries to impose sweeping sanctions.

($1 = 0.9125 euros)