The world’s largest building materials company has finally left Russia.
The world’s largest manufacturer of building materials, the Swiss company Holcim, is selling its Russian business to local management. The latter will continue to operate under a different brand. This is stated on the website of the Swiss company.
Holcim has signed an agreement to sell its Russian business to a local management team. With new owners, the business will operate independently under a different brand.
The closing of the deal still needs to be cleared by regulators.
“With this sale, Holcim completes its exit from the Russian market, which is in line with the company’s values of doing business with maximum responsibility,” said the manufacturer’s press service.
They added that the sale of factories in the Russian Federation had “no significant financial or commercial impact on Holcim”, as the business in Russia brought in less than 1% of net income.
According to media reports, Holcim owns three cement plants and three quarries in Russia, where more than 1,000 employees work. The most modern plant in Kaluga was put into operation in 2014 and cost about 500 million euros.
Earlier it became known that the American technology company Nvidia completely left the Russian market because of the war in Ukraine, which was unleashed by the Russian Federation.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.