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14 Dec, 2022 12:39

World’s largest cement maker leaving Russia

Swiss giant Holcim will transfer its Russian assets to local management
World’s largest cement maker leaving Russia

Swiss cement major Holcim is leaving Russia, the company announced in a statement on its Telegram channel on Wednesday. Its Russian unit will be transferred to a local management team.

Holcim noted that its now former unit will continue to operate in Russia under a new brand, but did not reveal other details of the agreement.

Holcim has signed an agreement to transfer its Russian assets to local management. This agreement completes the procedure of Holcim's exit from the Russian market, which was announced in March 2022. Holcim and the Russian management are making every effort to make this process as comfortable as possible for employees, customers and all parties involved,” the statement read.

The company's Russian office told the news outlet RBK that the details will be made public after the deal passes all stages of approval, including by the government commission that oversees foreign investment in Russia.

Holcim, a division of Holcim Group, specializes in the production of construction materials and aggregates, as well as ready-mix concrete. Established through a merger of Lafarge and Holcim in July 2015, the company is represented in 90 countries, has a total of 180 plants worldwide, and annual production capacity of nearly 400 million tons.

Holcim is one of many international companies to leave Russia this year amid sanctions pressure. The list includes European and Japanese automakers, Western energy majors, retailers, restaurant chains, and many other brands.

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