ABB May Take Decision on Full Exit From Russia in the Summer
April 21 2022 - 5:09AM
Dow Jones News
By Ed Frankl
ABB Ltd.'s Chief Executive Bjorn Rosengren said Thursday that
the company would likely make a decision in the summer on a full
exit of its Russia business.
In response to the country's invasion of Ukraine, the Swiss
industrial company had suspended the intake of new orders in
Russia, which it said previously represented 1%-2% of ABB's
revenue.
But in a media conference on Thursday after first-quarter
results, Mr. Rosengren said that, based on developments in the war,
at some point in the summer the company would have to take a
decision on steps forward in Russia.
There are contractual commitments that ABB currently has to
execute, and any potential exit from the country would have to
consider these on a case-by-case basis, a spokesman told Dow Jones
Newswires.
ABB said it has around 750 staff in Russia, who have mostly been
on paid leave since the invasion at the end of February.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
April 21, 2022 04:54 ET (08:54 GMT)
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