DENMARK: Leading HVACR component manufacturer Danfoss says it is planning a “controlled exit” from activities in Russia and Belarus as a result of the war with Ukraine.
Danfoss says it has been continuously evaluating the situation since pausing its business operations in Russia on February 28 and in Belarus on March 4.
Yesterday, Danfoss announced: “Considering the effects of sanctions, supply chain disruptions and other logistical challenges, we have decided to initiate a controlled exit from Russia and Belarus.
“Our thoughts and prayers are with the Ukrainian people and everyone else suffering from the war. Our number one priority remains the safety and security of our employees and their families.”
Danfoss says it has initiated the process, and is considering various options.
“Our teams in Russia and Belarus are outstanding, and that makes this decision so much harder. We regret the decision, but in the current situation, we do not see any other option. We continue to monitor the situation and to act in full compliance with all sanctions as they develop.
“We continue to prioritize the safety and wellbeing of our Russian and Belarussian teams and their families,” the company added.
Danfoss has been operating in Russia since 1993. It has an office in Moscow, which is thought to employ around 25 people. It also owns heat exchanger manufacturer Ridan in Nizhny Novgorod.
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