Holcim to exit Russian cement market

Holcim will leave the Russian market. It is the latest western company to quit the country following Moscow's invasion of Ukraine.

Holcim operates three intergrated grey cement plants in Russia consisting of OJSC Volskcement, Kolomna Cement and the Ferzikovo plant. It also has white cement production at Kolomna Cement.

"The Holcim Board of Directors has decided to initiate the process to exit the Russian market in line with the company's values to operate in the most responsible manner," the Swiss company said in a statement.

"This decision to divest the Russian business follows Holcim's previous announcement to suspend all capital investments in the market," Holcim added.

Holcim generates around one per cent of its sales and operating profit in Russia, where it employs around 1500 people. It is now looking for a buyer for the business.

The company initially kept its operations running, saying it was supplying essential building materials.

"The Board expresses its heartfelt concern about the tragic human suffering unfolding across the region and is fully committed to supporting affected people, families and communities," Holcim added.