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Leading Swiss brands have withdrawn from Russia, but while a company can leave a country, its products often remain on shelves.
US says Switzerland can order fewer fighter jets amid cost hike
This content was published on
According to the American authorities, a possible reduction in the number of F-35 fighter jets ordered by Switzerland is possible to cushion the unexpected cost increase.
On wolves, ‘priority should be given to scare shots’, says expert
This content was published on
Wolf expert Jean-Marc Landry believes that Swiss Environment Minister Albert Rösti's decision to rely entirely on shooting is short-sighted.
A thousand demonstrators in Swiss capital demand climate justice
This content was published on
The climate crisis is exacerbating injustice around the world, and the current economic system benefits from colonial and patriarchal oppression, said one of the speakers.
Russian drones in Poland have ‘no impact’ on Switzerland: defence minister
This content was published on
According to Swiss Defence Minister Martin Pfister, the intrusion of Russian drones into Polish airspace "shows how unstable the situation in Europe is."
E-cars account for 10.5% of new registrations in the canton of Zug
This content was published on
Nowhere else in Switzerland are electric cars as popular as in Zug. Currently, 10.5 per cent of cars registered in the canton of Zug are purely electric, as new data from the online platform Energie Reporter and Energie Schweiz and Geoimpact show.
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.