Irish building materials supplier CRH withdraws from Russia

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Ireland’s CRH will cease operating what it described as “infinitely small” Russian operations and temporarily closed its much larger factories in Ukraine, the world’s second-largest building materials supplier said on Thursday.

CEO Albert Manifold told Reuters that investment in concrete panel and ready-mixed concrete plants in St. Petersburg would barely reach 1.5 or 2 million euros and that a withdrawal from the market Russian was on his radar anyway.

The Dublin-based group – the largest producer of asphalt for highway construction in the United States – announced on Thursday a base profit of 5.35 billion dollars (4.8 billion euros) for the year 2021, up 11% on a like-for-like basis.

In November, he had forecast profits of more than $5.25 billion.

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“We have infinitely small businesses in St. Petersburg, literally four or five machines in individual factories. It was just a satellite office,” Manifold said in a phone interview.

Companies around the world have taken steps to limit, suspend or abandon their business activities in Russia following a wave of sanctions imposed after Moscow invaded Ukraine. CRH said it made its decision to step down last weekend.

Manifold said CRH has locked down its Ukrainian operations, which contributed 1% of its $31 billion in revenue last year and is supporting its 820 employees in any way it can.

The world’s biggest cement buyer said order books were up year-on-year for all products so far in 2022 and it was well positioned for another year of progress. -Reuters

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