Holcim spins off Russian business

Dec 14 (Reuters) – Holcim (HOLN.S) said on Wednesday it would exit Russia, adding that operations there would be run independently under a different brand.

It added that Holcim sold its Russian unit to a local management team.

The company further said the sale would not have a material impact on the world’s largest cement producer, as the unit will account for less than 1% of net sales in 2021.

The group first broke up its Russian division and announced it would withdraw from Ukraine in March following Russia’s invasion of Ukraine.

The company initially maintained operations, saying it was supplying necessary construction materials.

“The Holcim board expresses its heartfelt concern for the tragic human suffering in the region,” the company said in a statement on Wednesday.

Reporting by Tristan Chabba, Anastasiia Kozlova, Bartosz Dabrowski Editing by Paul Carrel

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