Siemens exits Russian market due to Ukrainian invasion
By Ishika Dangayach - May 13, 2022, 03:00 AM ET
Last Updated - Feb 27, 2024, 02:27 PM EST
The German industrial behemoth had roughly 3,000 employees in Russia
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“We condemn the war in Ukraine and have decided to carry out an orderly process to wind down our industrial business activities in Russia,” said Roland Busch, President, and CEO of Siemens AG, in a statement.
“This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been active for almost 170 years,” Busch said.
With operations spanning energy, healthcare, infrastructure, and other industries, the Munich-based global company is one of Europe's major industrial manufacturing businesses.
According to Reuters, it has roughly 3,000 employees in Russia, who generate about 1% of the company's yearly income.
Picture Credits: Getty Images
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