Swiss construction giant sells Russian operations amid invasion

Holcim has sold its Russian operations for an undisclosed fee as the Switzerland-based company leave following Putin’s invasion of Ukraine.

Swiss construction giant Holcim has sold off its Russian operations following President Putin’s invasion of Ukraine.

Swiss construction giant Holcim said Wednesday it has agreed to sell its Russian operations to a local company, but did not say how much the deal was worth.

The company had announced plans to withdraw from the Russian market at the end of March following Moscow’s invasion of Ukraine a month earlier.

Several companies pulled out of Russia as the West hit Moscow with sanctions. Holcim signed a deal with the local management team, it said in a statement, and the business in Russia will operate under a different brand.

The deal will be subject to approval by regulators.

An Agrigator/driver at Holcim concrete works, at Rooty Hill, today. (Story is about manufacturers being more sustainable as part of the net zero campaign). Picture: Justin Lloyd.

The company said the divestment would have no impact on Holcim since its business in Russia generated less than one percent of net sales and operating profit.

In March, Holcim said it employed 1,000 people in Russia and had three sites in the country specialising in cement production.