Industrial Suppliers Rockwell, 3M, CAT, Honeywell & More Halt Business in Russia

[ad_1]

Amid Russia’s ongoing invasion of Ukraine, numerous industrial suppliers have joined numerous other manufacturers in suspending or reducing their operations in Russia.

Milwaukee-based Rockwell announced March 7 that it was temporarily suspending operations and sales in Russia and Belarus, effective immediately.

“Rockwell joins the U.S. government and the global community in condemning Russia’s attack on Ukraine and its citizens,” Rockwell chairman and CEO Blake Moret said in a news release, emphasizing that the company supports all U.S. sanctions against Russia.

Rockwell’s press release noted that Russia and Belarus account for less than 0.5 percent of the company’s total revenue. The company added that it will continue to pay salaries and benefits for its some 30 Russian team members, and that it does not directly employ anyone in Ukraine or Belarus.

Fellow Wisconsin firm Twin Disc — which makes marine and heavy-duty off-highway power transmission equipment — announced that same day that it was immediately stopping business activity in Russia and Belarus “until further notice” in light of “the challenging operating environment, supply chain issues and evolving sanctions.”

Heavy equipment maker Caterpillar followed suit on March 9, stating that it was suspending its operations at the company’s Russian manufacturing facilities and donating over $1 million to support needs of the Ukraine humanitarian crisis.

“We recognize this is a time of incredible uncertainty for our valued employees, and we will continue to look for ways to support them,” Caterpillar said.

Likewise, Honeywell said March 8 that it had suspended “substantially all of our sales, distribution and service activities in Russia and Belarus.”

“Our number one priority continues to be the safety and security of our employees and partners in the region and responding to their immediate needs,” the Charlotte, NC-based company said. “Our collective thoughts are with the millions of refugees and we hope to see a peaceful resolution quickly.”

Rockwell said it has made a financial contribution to Project HOPE to provide humanitarian relief to refugees in Ukraine and neighboring countries, and is encouraging employees to help in a variety of ways. Rockwell will match employee donations made to Project HOPE and is offering paid time off to support local volunteer efforts.

Racine, WI-based Twin Disc said its presence in Russia and Belarus is limited in both marine and land-based markets, adding that the action’s impact on its financial results would be marginal.

“What is happening in Ukraine right now is tragic, and the bravery and resilience of the Ukrainian people are an inspiration to the world,” Twin Disc CEO John Batten said. “We remain focused on the well-being of our employees and associates impacted by these hostilities.”

Twin Disc said that while the company doesn’t have any employees based in Eastern Europe, it will only conduct business in Ukraine in emergency situations.

[ad_2]

Source link

https://businesstantra.in/folder