25 Mar 2022 17:28

Plumbing manufacturer Geberit suspends operations in Russia

RAPPERSWIL-JONA. March 25 (Interfax) - Swiss plumbing and pipe manufacturer Geberit AG on Friday announced the immediate suspension of all business operations in Russia.

Meantime, all 70 employees of the company in Russia, who ensured sales, will continue to receive their respective salaries.

"We will closely monitor further developments, and the decision regarding the Russian business will be reviewed promptly," Geberit said in a press release.

Geberit's shares shed 1.4% in trading on Friday. Since the beginning of the year, the company's capitalization has fallen by nearly 25% to 20.4 billion Swiss francs, or $22 billion.

The company has been in business for a century-and-a-half. Geberit owns 26 production facilities and employs 12,000 people in 50 countries. The company had revenue totaling 3.5 billion francs in 2021.