Swiss concern, manufacturer of oil and gas equipment, Sulzer announced its exit from the Russian market due to the situation in Ukraine. As stated in the message of the company, the process of selling assets will start immediately.
The Supervisory Board "regrets having to make this decision after decades of working in Russia, but after careful consideration of the options, the team concluded" that this is the best course of action for all stakeholders, Sulzer said in a press release.
The report notes that the company provides employment for 300 employees in Russia (a total of about 14,000 in the world).
Sulzer manufactures pumps, machine tools and other industrial equipment for the oil, petrochemical, pulp and paper and other industries, as well as provides their service. The order book for 2021 was around CHF 3.2 billion.
Sulzer has several subsidiaries in Russia - Sulzer Turbo Services Rus (service of power gas turbines, Gazprom Energoholding is among its clients), Sulzer Chemtech (production and maintenance of heat exchangers and other equipment for the fuel and energy complex and petrochemistry ), "Sulzer pumps".
According to the Ministry of Foreign Affairs of Ukraine, 580 foreign companies are currently operating in the Russian market. 1439 international companies from 70 countries and 55 different industries withdrew from Russia or stopped their operations.
