Belgian chemicals group Solvay is suspending operations and new investments in Russia after the invasion of Ukraine, reported Reuters with reference to the company's statement on Monday.
“Solvay has decided to suspend its operations and new investments in Russia,” CEO Ilham Kadri said in a statement, citing the conflict in Ukraine.
The suspension is temporary and will be reviewed in due course, a spokesperson said, adding that the company had put a task force in place to manage the impact of the measures.
The company has 26 employees in Russia who will continue to receive salary and benefits during the suspension.
Solvay’s direct sales in Russia account for less than 1% of the group’s total revenue and its core profit from Russia and Belarus this year is projected at EUR100 MM (USD109 MM), the company said.
As MRC reported earlier, in August, 2020, through the acquisition of the Solvay polyamide (PA) business, BASF enhanced its R&D capabilities in Asia Pacific with new technologies, technical expertise, and upgraded material and part testing services. BASF is planning to integrate the R&D centers from Solvay into its R&D existing facilities in Shanghai, China, and Seoul, Korea. The enhanced capabilities will boost BASF’s position as a solution provider to develop advanced material solutions for key industries.
Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 24,100 employees in 64 countries, Solvay bonds people, ideas and elements to reinvent progress. The Group seeks to create sustainable shared value for all, notably through its Solvay One Planet plan crafted around three pillars: protecting the climate, preserving resources and fostering better life. The Group’s innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices, health care applications, water and air purification systems. Founded in 1863, Solvay today ranks among the world’s top three companies for the vast majority of its activities.
MRC