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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Stay or go? The dilemma of Swiss companies in Russia
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Caught between potential damage to their image and having their businesses confiscated, Swiss firms active in Russia have a tough choice.
The announcement comes amid more scrutiny of ties between Swiss companies and Russian elites suspected of supporting Russian President Vladimir Putin. Russian billionaire Viktor Vekselberg is a minority shareholder of the Oerlikon Group as well as other industrial companies with headquarters in Switzerland.
Vekselberg and his investment group Renova were put on the US sanctions list back in 2018 following Russia’s invasion of Crimea. This forced him to reduce his personal stake in the Swiss industry to avoid exposing these firms to trade restrictions. On March 14, the US government issued a new round of sanctions that targeted a yacht and an aircraft belonging to Vekselberg.
On May 16, another Swiss industrial group, Sulzer, had to temporarily suspend the activitiesExternal link of its two legal entities in Poland due to sanctions imposed by the Polish government on Vekselberg.
Novartis back in business
Swiss pharmaceutical giant Novartis announced that it is resuming business in Ukraine after reviewing the safety situation in the country.
“After studying current safety protocols in the country, and on advice which we will regularly review, we have begun to resume business operations remotely to help the war-torn country restore some basic critical business processes,” Novartis said in a press release on June 1.
The company has condemned the war and is providing humanitarian support, financial donations and medicine to people in the country.
“The safety and security of our people remains our number one objective, and we will constantly review the situation and our business operations in Ukraine,” Novartis wrote.
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Russian oligarch Vekselberg hit with US sanctions
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US targets yacht and private jet belonging to Russian billionaire Viktor Vekselberg, who is resident in Switzerland.
Demonstrators rally in support of Swiss steelworks Gerlafingen
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Around 1,000 people demonstrated in front of the Stahl Gerlafingen steel plant on Saturday to demand the preservation of the site.
Basel autumn fair attracted over 1 million visitors
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The Basel autumn fair, or Herbstmesse, saw record attendance, with more than a million visitors, city authorities said on Saturday.
Swiss Federal Railways want direct trains between Zurich and Rome
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In addition to the new connections to Italy announced on Friday, the Swiss Federal Railways would like to see a direct link between Zurich and Rome.
Swiss village Brienz to be evacuated due to rockslide risk
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Local authorities announced that up to 1.2 million cubic metres of rock could move towards the mountain village of Brienz. The municipality is preparing a preventive evacuation.
Swiss businesses losing billions due to Temu and Shein
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Swiss businesses are losing billions of francs a year as a result of the spread of Chinese online platforms Temu and Shein, says the director of the federation of Swiss retailers.
Direct trains to run from Zurich to Florence and Livorno
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The Swiss Federal Railways and Trenitalia will offer direct trains from Zurich to Florence and Livorno and vice versa from 2026.
Number of Swiss armed forces exceeds specified limit
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The Swiss armed forces had an effective headcount of around 147,000 as of March 1, 2024. This exceeds the upper limit of 140,000 specified in the army organisation by 5%.
More than 400,000 cross-border commuters now work in Switzerland
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More than half of all cross-border commuters were resident in France (around 57%). Large proportions also lived in Italy (23%) and Germany (around 16%).
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.
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Stay or go? The dilemma of Swiss companies in Russia
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Caught between potential damage to their image and having their businesses confiscated, Swiss firms active in Russia have a tough choice.
The Swiss textile machinery industry has a China dilemma
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Amid allegations of forced labour in Xinjiang, the Swiss textile machinery sector faces thorny questions about its ties to and reliance on China.
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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.