Swiss Holcim will transfer assets to Russian management

The Swiss manufacturer of building materials Holcim will transfer assets to Russian management and leave the country, reported company press office.

“Holcim has signed an agreement to sell its business in Russia to local management. With new owners, the business will operate independently under a different brand. Closing of the deal will be subject to regulatory approval.

The press service noted that this step will complete the company’s withdrawal from Russia. Holcim will support its employees throughout this process. In addition, the company clarified that the transaction will not have a significant financial impact on Holcim, since in 2021 its share in Russia accounted for less than 1% of revenue.

After the start of the special operation in Ukraine, many large Western companies announced their withdrawal from the Russian market and the suspension of investments. According to Yale University, more than 1,000 companies have reported this publicly. Electronics manufacturers (Apple, SamsungAsus, Intel, Sony, etc.), cars (Jaguar, Porsche, Rolls-Royce, Bentley), etc.

After the companies began to leave the Russian market, the Ministry of Industry and Trade approved a list of goods for parallel import that can be imported into the Russian Federation without the consent of the manufacturer or copyright holder. In particular, it included goods from electronics manufacturers, cars, rare earth metals, sports equipment and other goods. In August, the Ministry of Industry and Trade also included perfumery and cosmetic products.