Metso Outotec said it has wound down its business with Russia and has now officially discontinued its business association in the country.
Officials said 24 April 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,” it said.
“This wind down process was completed in the first quarter of 2023, and Metso Outotec has since discontinued business with Russia.”
In order to cover costs tied to the process of winding down, it booked a non-recurring charge of EUR 150 million (US$165.3 million) in the second quarter of 2022. Metso Outotec also said it has “fully complied with all applicable sanctions” against Russia.
Finland-based Metso Outotec has 16,000 employees in almost 50 countries globally.
Source: Metso Outotec