Holcim Divests Cement Business In Russia

Date

12/14/2022 4:09:10 AM

(MENAFN- Swissinfo) Keystone / Ennio Leanza

Swiss cement giant Holcim said on Wednesday it would leave Russia, adding that the business there would then operate independently under a different brand.

This content was published on December 14, 2022 - 09:12 December 14, 2022 - 09:12 Reuters/Keystone-SDA/sb

Holcim has signed an agreement to sell its Russian unit to the local management team, it said in a statement on Wednesday.

The sale will have“no significant impact” on the world's biggest cement maker, as the unit generated less than 1% of the group's net sales in 2021, it said. Holcim said in March that it employed 1,000 people in Russia with three sites specialising in the production of cement.

The group first deconsolidated its Russian unit and announced it would leave the country in March, following Russia's invasion of Ukraine. The company initially kept its operations running, saying it was supplying essential building materials.

“Holcim's Board of Directors expresses its heartfelt concern about the tragic human suffering in the region” Holcim said on Wednesday.

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