Danish pump manufacturer Grundfos announced the closure of business in Russia

Danish pump manufacturer Grundfos said that a 23-year cooperation with Russia has finally come to an end: the company is closing business in Russia and Belarus and laying off employees, about this reported on the company’s website.

“With no indication that the situation will change and in line with its values, Grundfos has taken the decision to completely close its business in Russia and Belarus. This decision is reflected in the forthcoming Grundfos half year results report. It will also reflect the significant one-time costs of DKK 851 million ($114.14 million) associated with closing businesses in Russia and Belarus.

Grundfos suspended operations in Russia on March 3 after launching a special military operation in Ukraine on February 24. Since then, the company has stopped taking orders from Russian customers and delivering them to Russia. At the same time, Grundfos assured that it continued to support employees, and also keeps its offices and plant ready to open again when “the situation allows”.

The Grundfos concern was founded in 1945 in the Danish city of Bjerringbro, and in 1992 the first representative office was opened in Russia. Almost 15 years later, in 2005, the Grundfos Istra plant was built in the Moscow region for the production of equipment (vertical, centrifugal, cantilever-monoblock pumps with frequency-controlled motors, pumps for wastewater disposal, dosing stations, pressure boosting and fire extinguishing installations , control systems).

Subscribe on Vedomosti on Telegram and stay up to date with the main economic and business news.