One of the world’s largest agricultural machinery manufacturers, CNH Industrial, announced its exit from Russia, according to the company’s press service. CNH Industrial, which owns companies such as Case and New Holland, has Russian assets valued at $60 million. The company’s facilities in Russia manufacture construction and agricultural equipment, as well as housing a warehouse for spare parts. Around 200 employees worked at these sites.
In the financial year of 2021, CNH Industrial’s revenue in Russia amounted to $380 million, constituting 2% of the company’s consolidated revenue. Furthermore, CNH Industrial has estimated additional costs of $20 million due to the alienation of assets in Russia.
- 56% of global corporations remain in Russia, possibly funding two months of its war against Ukraine – report
- British company supplied $1.2 billion in electronics to Russia despite sanctions – FT
- Nearly year after Ukraine invasion, only 17 of 122 top companies have exited Russia – watchdog
Tags: Business boycott