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Alimak pulls out of Russia

Mastclimber and hoist manufacturer Alimak, has announced that it is pulling out of the Russian market following its invasion of Ukraine.

The full statement is as follows: “In the light of recent events and of European Union sanctions, Alimak Group has decided to exit its operations in Russia. Alimak Group announced on March 4th, that it will suspend all deliveries to customers in Russia and not to pursue any new sales. Today, the Group has decided to initiate an exit from Russia.”

Chief executive Ole Kristian Jødahl, said: “In the light of recent developments, we have evaluated the situation and decided to exit our Russian operations. We have initiated a controlled exit process and we will do our utmost to ensure that our employees in Russia are taken care of in the best possible way during this process.”

The Group has 15 employees in Russia. The exit process will be executed with considerations towards employees and customers.
These actions are not expected to have any material impact on Group financials.