Swedish engineering group Sandvik is suspending its operations in Russia, the company said on Monday.
“In this very serious and complex situation, our first priority is our employees and their safety,” the metal-cutting tools and mining equipment maker it said in an emailed statement.
“In light of the very rapidly changing situation, we have decided to temporarily pause our operations in Russia … to assess what measures should be taken in the future.”
Russia accounted for 3.5% of Sandvik’s sales in 2021. The group has no production in the country but about 900 employees in sales and services.
Its shares were down 6% at 1215 GMT.
(By Helena Soderpalm and Anna Ringstrom; Editing by David Goodman)
Comments
Karl R Kelton
Very good. Nice to see Sandvik putting ethical and humanitarian considerations ahead of sales & profits..