Swiss pumpmaker Sulzer to sell Russia business

div classBodysc17zpet90 cdBBJodivpZURICH Reuters – Swiss engineering group Sulzer has put its Russia business up for sale, joining the exit from the market hit by Western sanctions over Moscows invasion of Ukraine.p

pThe sales process will begin immediately, on Tuesday without providing further detail. A spokesperson said all options were open, including a buyout by local management.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThe company had already announced that it had scaled back business in Russia, where it has 300 staff. Russia accounted for 2.7 of group sales of 3.2 billion Swiss francs 3.33 billion in 2021. p

p“The board regrets the necessity of this decision after decades of operations in Russia, but after careful review of the possible options, concludes that it is the best solution for all the stakeholders,” it said.p

pThe Swiss pumpmaker agreed in 2018 to buy 5 million shares from shareholder Viktor Vekselberg, taking the Russian oligarchs holding below the 50 threshold where U.S. sanctions against Russian President Vladimir Putins inner circle took effect at the time.p

pIt has started to wind down its business in Poland this month due to sanctions levied by the Polish government on Vekselberg. p

pSulzer is fighting the Polish move as it views the sanctions are unfair given that Vekselberg has no control over any group businesses.p

p1 0.9620 Swiss francsp

p

pp Reporting by Michael Shields editing by Jason Neelyp

divdivdiv classBodysc17zpet90 cdBBJodivdivdiv