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.
More
More
Stay or go? The dilemma of Swiss companies in Russia
This content was published on
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.
More
More
Russian oligarch Vekselberg hit with US sanctions
This content was published on
US targets yacht and private jet belonging to Russian billionaire Viktor Vekselberg, who is resident in Switzerland.
Beer sales in Switzerland watered down by bad weather
This content was published on
The past brewing year fell through in Switzerland, partly due to the bad weather. Beer sales shrank again. For the first time, per capita consumption fell below the 50 liter mark.
Compensation for Syrian after pregnant wife denied help on Swiss train
This content was published on
Switzerland’s Federal Court has partially upheld the appeal of a Syrian family being deported from Switzerland to Italy in 2014. The man now also receives compensation.
Swiss-EU negotiations: Cassis to meet Sefcovic in Bern
This content was published on
Swiss Foreign Minister Ignazio Cassis will meet the Vice-President of the EU Commission, Maros Sefcovic, in Bern on Wednesday.
Heavy snowfall in Switzerland causes traffic chaos and accidents
This content was published on
The heavy snowfall late on Thursday and during the night into Friday led to traffic chaos and many accidents in many regions of Switzerland.
Chimpanzee behaviours passed down through generations
This content was published on
Some of the complex behaviours of chimpanzees have been passed down and refined over generations. These include the combination of several tools for foraging.
More than 600,000 rounds of Swiss sniper ammunition reach Ukraine
This content was published on
Sniper ammunition from Swiss P Defence reached Ukraine via a Polish company in July 2023, reported SRF Investigativ on Thursday, citing official information.
Switzerland launches national digital inclusion alliance
This content was published on
The Swiss government launched the Swiss Digital Inclusion Alliance on Thursday with the goal of giving as many people as possible access to digital services.
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.
Read more
More
Stay or go? The dilemma of Swiss companies in Russia
This content was published on
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
This content was published on
Amid allegations of forced labour in Xinjiang, the Swiss textile machinery sector faces thorny questions about its ties to and reliance on China.
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.