Metso Outotec ends wind-down in Russia
By Mike Brezonick24 April 2023
Metso Outotec, the Swedish supplier of mining and aggregates equipment and technologies, announced it has ended its wind-down of activities in Russia and has discontinued business there.
The company said it has not taken new orders from Russia since Russia’s attack on Ukraine in February 2022. To speed up discontinuation of contracts made before the war, the company started negotiating with its non-sanctioned customers to wind down open contracts.
This wind-down process was completed in the first quarter of of this year and and Metso Outotec has since discontinued business with Russia. To cover the costs of the wind-down process, the company booked a non-recurring charge of €150 million in the second quarter of 2022.
Metso Outotec said it has fully complied with all applicable sanctions against Russia.
The company is the latest to announce its exit from business in Russia. Earlier this year, Yanmar Group announced the suspension of activity at its Russian subsidiary and CNH announced the sale of its Russian business.