“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.