U.S. Metals Manufacturer Arconic Sells Russia Operations
- November 16, 2022
- Posted by: Quatro Strategies
- Category: Manufacturing
Pittsburgh-based lightweight metals manufacturer Arconic Corp has decided to exit Russia by selling its business in the country for $230 million to state-owned metals company VSMPO-AVISMA, the U.S. manufacturer announced on Tuesday. Arconic joins a list of Western companies that have sold their Russian assets after Moscow launched an invasion on Ukraine in February.
“Operating in Russia only became more difficult and our ability to operate going forward became increasingly uncertain in light of the current geopolitical environment,” Arconic CEO Myers said.
Arconic had paused new contracts in Russia in March.
The company had also warned its employees in May that they could face criminal charges if any abrupt or unapproved changes to its Russian operations are made, based on an ongoing dispute with the country’s antitrust body.
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