Sulzer to exit Russian market, sell assets

MOSCOW. May 24 (Interfax) - Swiss engineering company Sulzer has decided to leave the Russian market.

The process of selling the company's assets "will begin with immediate effect," Sulzer said in a press release.

"The Board regrets the necessity of this decision after decades of operations in Russia, but after careful review of the possible options, concludes that it is the best solution for all the stakeholders," Sulzer said.

Sulzer said in the statement that it has 300 employees in Russia. Globally, the company has a workforce of about 14,000.

Sulzer manufactures pumps, machine tools and other industrial equipment for the oil, petrochemical, pulp-and-paper and other industries, and also provides servicing. The company's order book for 2021 totaled about CHF 3.2 billion.

The SPARK-Interfax system showed that Sulzer has several subsidiaries in Russia: Sulzer Turbo Services Rus LLC, a gas turbine servicing firm whose clients include Gazprom Energoholding (GEH), T Plus and TGK-2; Sulzer Chemtech LLC, which makes and services heat exchangers and other equipment for the energy and petrochemical industries; and Sulzer Pumps JSC.