Holcim, the world’s largest cement maker, said on Wednesday it was pulling out of Russia, adding that the business there would operate independently under a different brand, Reuters reported.
Holcim has signed an agreement to sell its Russian business to local management. Together with the new owners, the business will operate independently under a different brand, the company said.
The sale will not have a material impact on the company as the division contributed less than 1% of the group’s net sales in 2021, the Swiss company said.
The group announced it would leave Russia in March following Moscow’s invasion of Ukraine.
At first, the company continued to operate, claiming that it was supplying the necessary construction materials.
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Source: Hot News
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