The world’s biggest cement maker Holcim said on Tuesday it was pulling out of the Russian market, the latest Western company to leave the country after Moscow’s invasion of Ukraine.
“Holcim’s board of directors has decided to start the process of exiting the Russian market, in line with the values of the responsible operating company,” the company said in a statement.
“This decision to divest the Russian business follows Holcim’s earlier announcement to suspend all investments in that market,” the company added.
Holcim generates around 1% of its sales and operating profit in Russia, where it employs around 1,500 people. Now it is looking for a buyer for operations in the country.
The company initially kept its operations going, saying it was supplying essential building materials.
“The board of directors expresses sincere concern at the tragic human suffering unfolding in the region and is fully committed to supporting the affected individuals, families and communities,” added Holcim.
A number of multinationals, including Nestle, Philip Morris and Sony, have withdrawn from Russia in recent weeks.
Source: CNN Brasil
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