Metso Outotec ends wind-down in Russia

24 April 2023

Metso Outotec, the Swedish supplier of mining and aggregates equipment and technologies, announced it has ended its wind-down of activities in Russia and has discontinued business there.

Metso Outotec equipment Global manufacturer of mining and aggregates machinery Metso Outotec said it has completed its wind-down of activities in Russia. (Photo: Metso Outotec)

The company said it has not taken new orders from Russia since Russia’s attack on Ukraine in February 2022. To speed up discontinuation of contracts made before the war, the company started negotiating with its non-sanctioned customers to wind down open contracts.

This wind-down process was completed in the first quarter of of this year and and Metso Outotec has since discontinued business with Russia. To cover the costs of the wind-down process, the company booked a non-recurring charge of €150 million in the second quarter of 2022.

Metso Outotec said it has fully complied with all applicable sanctions against Russia.

The company is the latest to announce its exit from business in Russia. Earlier this year, Yanmar Group announced the suspension of activity at its Russian subsidiary and CNH announced the sale of its Russian business.

POWER SOURCING GUIDE

The trusted reference and buyer’s guide for 83 years

The original “desktop search engine,” guiding nearly 10,000 users in more than 90 countries it is the primary reference for specifications and details on all the components that go into engine systems.

Visit Now

STAY CONNECTED



Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

Sign up

CONNECT WITH THE TEAM
Becky Schultz Vice President of Content Tel: +1 480 408 9774 E-mail: [email protected]
Julian Buckley Editor Tel: +44 (0) 1892 784088 E-mail: [email protected]
Chad Elmore Managing Editor E-mail: [email protected]
Josh Kunz Power Progress Brand Manager Tel: +1 414 379 2672 E-mail: [email protected]
Roberta Prandi Power Progress International Brand Manager Tel: +39 334 6538183 E-mail: [email protected]