Irish building materials supplier CRH withdraws from Russia


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.


Irish company CRH to sell US-based unit to KPS for $3…

“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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