Oerlikon had already ceased cross-border business activities with Russia on March 4.

Oerlikon To Sell Russia Business To Local Owners

2022-06-02 06:54:58

(MENAFN- Swissinfo) Oerlikon had already ceased cross-border business activities with Russia on March 4. © Keystone / Gaetan Bally

Swiss industrial firm Oerlikon has announced that it will hand over ownership of its business in Russia to local management.

This content was published on June 2, 2022 - 09:16 June 2, 2022 - 09:16 Keystone-SDA/jdp

In a brief statementExternal link released on Thursday, the Oerlikon Group said it had entered into an agreement with the local management team to sell all its operations in Russia.“The business will continue to operate independently under the new owners,” said the company.

On March 4, the Swiss firm ceased all international cross-border business activities with Russia following its invasion of Ukraine. It called the sale the“final step” in ceasing all business activities within Russia.

The company employs 48 people in Russia at six sites. The cost of the transaction has not been disclosed. Last year, Oerlikon's sales in the country amounted to less than CHF5 million ($5.2 million). Globally, the engineering and manufacturing group, which has its headquarters in Pfäffikon in canton Schwyz, employs more than 11,800 employees at 207 locations in 38 countries; it generated sales of CHF2.6 billion in 2021.

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