04:44 PM EDT, 08/29/2024 (MT Newswires) -- IPG Photonics ( IPGP ) sold its entire interest in Russian subsidiary IRE-Polus for $51 million, marking the company's exit from the country amid trade sanctions in the wake of the invasion of Ukraine.

The purchaser was a group led by Softline Projects LLC and current management of IRE-Polus, IPG Photonics ( IPGP ) said Thursday in a statement.

The company said Q3 revenue to be about $5 million lower than projected after the sale.

IRE-Polus accounts for less than 5% of full-year revenue, the company said.

The company expects to book $195 million to $210 million in charges related to the transaction.