STOCKHOLM, June 29. /TASS/. The Swedish engineering company Sandvik decided to wind down operations in Russia. This is according to a press release published on the company’s website on Wednesday.
"As previously communicated, Sandvik paused its business activities in Russia on February 28 <...>. Since then, the company has continuously been assessing and adjusting to the situation, and has taken the decision to wind down operations in Russia," the company said.
"The wind-down process is ongoing and progressing in a controlled way, where Sandvik seeks to act responsibly towards its employees, and follows applicable regulations and sanctions," the company added.
Leaving Russia will cost the company specializing in metal cutting, digital and additive manufacturing, mining and construction, stainless and special steel alloys, and industrial heating more than $98.5 million. In 2021, Russia accounted for about 3.6% of Sandvik's revenues.