ABB pulls out of Russia

ABB pulls out of Russia

Business news |
By Nick Flaherty

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.

Related articles on the war in Ukraine

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.

Other related articles

Other articles on eeNews Europe

If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :    eeNews on Google News


Linked Articles