Danish pump maker Grundfos closing business in Russia, Belarus

MINSK. Aug 26 (Interfax) - Danish pump manufacturer Grundfos has decided to completely close its business in Russia and Belarus, the company said in a press release.

"On 3 March 2022 Grundfos paused its business in Russia and Belarus. Since then, Grundfos has been winding down its activities including a reduction of staff and settling relationships with customers, vendors, and other partners, whilst continuously assessing the situation," the company said.

"With no signs that the situation will change and in line with its values, Grundfos has now taken the decision to fully close its business in Russia and Belarus," the company said.

The decision to completely close the business in Russia and Belarus is reflected in the upcoming announcement of the company's half-year results. "A significant one-off cost of DKK 851 million [over $113.5 million] related to the closing of business in Russia and Belarus will be reported," Grundfos said.

"For now, this will mark the end of Grundfos' 23 years of presence in Russia," the company said.

Grundfos, founded in Denmark in 1945, has divisions in more than 60 countries. The company opened the Grundfos Istra plant in Moscow Region in 2005. It manufactures equipment such as vertical, centrifugal, cantilever and monoblock pumps with frequency controlled motors, pumps, pumps for water removal, dosing stations, water booster and fire-fighting systems, and control systems.