Swiss cement giant Holcim said on Wednesday it would leave Russia, adding that the business there would then operate independently under a different brand.
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.
More
More
Swiss companies ‘trapped’ in Russia
This content was published on
Leading Swiss brands have withdrawn from Russia, but while a company can leave a country, its products often remain on shelves.
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
How is your country dealing with the return of stolen artifacts?
Western nations like Switzerland often have to deal with the process of recovering or returning looted artifacts which have been illegally imported. What’s the situation like in your country?
Norwegian zombie film wins main prize at Swiss festival NIFFF
This content was published on
More than 55,000 people celebrated the fantastic film at the International Fantastic Film Festival in Neuchâtel (NIFFF) - fewer than last year.
Sanctioned Swiss ‘supported Russian military supply chain’
This content was published on
Several Swiss nationals and companies are accused by the US of being part of a “transnational network procuring technology that supports the Russian military-industrial complex”.
This content was published on
Leading Swiss brands have withdrawn from Russia, but while a company can leave a country, its products often remain on shelves.
Traders with Swiss links continue to buy and sell Russian oil
This content was published on
A handful of traders with strong connections to Geneva have reportedly increased their Russian oil shipments, says Le Matin Dimanche.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.