Sulzer has been grappling with its Russian connections for several years.
Keystone / Melanie Duchene
Pulling out of Russia and Poland will cost Swiss industrial company Sulzer at least CHF125 million ($130 million) in depreciation costs, the group has announced.
This content was published on
1 minute
swissinfo.ch/mga
Русский
ru
Швейцарский концерн Sulzer подсчитывает стоимость ухода из России
The sum will be booked in the company’s half year results, which will be published on July 29. Then it will be possible to determine the effect on net profits.
Sulzer, which makes industrial pumps and compressors, made CHF86 million in net profits in the first half of 2021 and CHF141 million for the full year.
But the company was forced to pull out of Russia and close down its Polish plants after the Russian invasion of Ukraine in February.
The company said on FridayExternal link that the total bill of writing off its assets in Russia and Poland could rise to CHF135 million. But the group said this would have no material impact on operational results.
Sulzer is among several Swiss companies that were forced to pull out of Russia since the invasion of Ukraine in February.
But the company, which has been operating from the northern Swiss city of Winterthur since 1834, had already been grappling with its Russian connections for several years.
Russian oligarch Viktor Vekselberg bought a substantial share of the company in 2007 through his Renova investment vehicle and later raised this stake to more than 50%.
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.
In Switzerland more people are being referred to electrical therapies or psychedelic-assisted psychotherapy. Are there similar approaches where you live?
Swiss defence minister reaffirms military cooperation with neighbours
This content was published on
On his first trip abroad in government, Defence Minister Martin Pfister visited the Swiss troops taking part in a major exercise in Austria.
Trade unions mobilise against right-wing extremist circles
This content was published on
Under the motto 'Solidarity instead of agitation - strong together!' May Day events are taking place throughout Switzerland this Thursday.
Left-wing extremists in Switzerland call for ‘militant’ rallies on May 1
This content was published on
Left-wing extremist groups are mobilising on social media. The violent activist scene is a focal point for the intelligence community.
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
Sulzer shows how to avoid Russian sanctions
This content was published on
When the US announced tough new sanctions against Russia this month, Swiss industrial group Sulzer acted quickly to avert disaster.
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.
This content was published on
Swiss industrial firm Oerlikon has announced that it will hand over ownership of its business in Russia to local management.
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.