Swiss engineering giant ABB is to pull out of Russia after 149 days of war in Ukraine.
The company stopped taking orders in Russia when the war broke out, but kept fulfilling a small number of existing contractual obligations with local customers, in compliance with sanctions. Competitor Siemens pulled out of operations in Russia in May, along with IBM, Jabil, Apple, AMD and Intel.
ABB has about 750 people in Russia and two production sites in the country located in the Moscow region and Lipetsk, as well as several service centres, and most of Russian workforce has been on leave since March. The company says it will do its best to support them as it realigns its operations in a controlled manner.
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Russia roughly accounted for 1-2 percent of group’s annual revenues before ABB stopped taking new order. The financial impact in the second quarter amounted to $57 million of which $23 million will impact cash flow in the third quarter.
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