Volvo Considers Partial Divestments to Scale Down Business in Russia
By Jaime Llinares Taboada
Volvo AB said Tuesday that it is considering options including
partial divestments to adapt to the situation in Russia.
The Swedish company told Dow Jones Newswires that it isn't
possible for it to operate in Russia under the current
circumstances and has made the decision to adapt by scaling down
its operations in the country and reducing the number of staff.
"It is our ambition to reduce our business in a responsible
manner and we are considering different options, including
divesting parts of the business," a spokesperson said.
Volvo suspended all sales, service and production in Russia
since sanctions were imposed.
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(END) Dow Jones Newswires
July 05, 2022 12:32 ET (16:32 GMT)
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