Holcim Ltd. said its
exiting Russia and trying to sell its three cement factories there, becoming the latest Western company to leave over the ongoing war in Ukraine.
A spokesman for the Swiss cement maker, which already had suspended capital investments in Russia, said selling the factories helped avoid the risk that the government would seize its assets and would help protect the roughly 1,000 people it employs there.
With this solution our company tries to protect our employees as much as possible, according to a spokesman said. The company didnt provide a timeframe for the sales, citing uncertainty about how Russian authorities will handle the matter.
While scores of Western companies have suspended operations in Russia, Holcim is among the first to wind down business there completely. Russia accounts for less than 1% of Holcims worldwide sales.