Holcim is finally withdrawing from Russia. The building materials group sells the business to the local government.
The group announced on Wednesday that this sale had no significant financial or commercial impact on Holcim. The Russia business accounted for less than 1 percent of group sales and operating profit in 2021. No information was given about the sale price.
Having decided to withdraw from Russia due to the offensive war against Ukraine in the spring, Holcim has been looking for buyers ever since. The Russia business has been out of Holcim’s records since March 2022.
under a different brand
With the new owners, the store will operate independently under a different brand. The completion of the sale still needs to be approved by the authorities.
To date, Holcim has had three cement plants, three quarries and more than 1,000 employees in Russia. The Group is committed to supporting employees in the withdrawal process and ensuring a regular transfer for customers and interested parties.
The Schurowski plant near Moscow, the largest of the three cement plants, was completely renovated between 2008 and 2011 at a cost of 550 million euros. A facility in Wolsk, about 750 kilometers southeast of the Russian capital, was also extensively upgraded in 2017 at a cost of over 280 million euros. The most modern plant in Kaluga was put into operation in 2014 and cost about 500 million euros. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
