Swiss cement manufacturer Holcim announced its withdrawal from the Russian market

Swiss building materials manufacturer Holcim is leaving the Russian market along with its brand

Swiss manufacturer of building materials Holcim leaves the Russian market together with the brand. This was announced on Wednesday, December 14, the press service of the company.

Holcim has signed an agreement to transfer Russian assets to local management, the work in Russia will continue under a new brand. As the company stressed, this step will complete the procedure of Holcim withdrawal from the Russian market.

"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 company said in a statement in its Telegram channel.

Holcim announced its intention to leave the Russian market at the beginning of March. At that time the company stopped all investments in Russian projects and announced the search for buyers for the assets.

The company specializes in manufacturing of building materials and aggregates.

In April Kingspan, an Irish company specializing in building materials, announced its withdrawal from the Russian market. Kingspan fully outsourced its operations in Russia to local management.

Foreign companies began to suspend operations in Russia or withdraw from the Russian market amid the geopolitical situation and the imposed anti-Russian sanctions.

On October 7, the Center for Strategic Research published a report, according to which foreign companies, which limited their activities in Russia or announced their withdrawal, lost from $200-240 billion.