Metso Outotec says it has completed the winding down of its Russia business.
Metso Outotec has completed the winding down of its Russia business
The major global quarrying, mining and recycling plant manufacturer has not received new orders from Russia since its military offensive in Ukraine began in February 2022.
The company started negotiating with its non-sanctioned customers to wind down open contracts to speed up the discontinuation of contracts made before the Russia-Ukraine war.
This wind-down process was completed in the first quarter of 2023, and Metso Outotec has since discontinued its business with Russia.
To cover the costs of the wind-down process, the company booked a non-recurring charge of €150mn in the second quarter of 2022.
Metso Outotec says it has fully complied with all applicable sanctions against Russia.
