Holcim divests business in Russia

Holcim divests business in Russia
14 December 2022

Holcim has signed an agreement to sell its business in Russia to the local management team. With the new owners, the business will operate independently under a different brand, said the company in a statement. Closing of the transaction will be subject to regulatory approvals.

“This divestment completes Holcim’s market exit from Russia in line with the company’s values to operate in the most responsible manner,” added the company. The Russian business has been deconsolidated since March 2022 when Holcim decided to exit the Russian market. It remains committed to supporting its employees throughout this process and ensuring an orderly transfer for its customers and relevant parties.

This divestment has no significant financial or business impact on Holcim, as the company generated less than one per cent of group net sales and recurring EBIT in Russia in 2021.

Holcim’s Board of Directors expresses its heartfelt concern about the tragic human suffering in the region and is fully committed to supporting affected people, families and communities. The Board of Directors thanks all Holcim colleagues who are mobilising around the world alongside local NGOs to provide shelter, essential goods and medical supplies, as well as volunteering their time.

Published under Cement News