Irish building materials supplier CRH withdraws from Russia

Adetail dds, Ukraine, annual results

DUBLIN, March 3 (Reuters)HRC of Ireland CRH.Iwill stop operating what it has described as “infinitely small” Russian operations and has 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 – reported 2021 annual profit of $5.35 billion on Thursday, up 11% on a like-for-like basis.

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

“We have infinitely small businesses in St. Petersburg, literally 4 or 5 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.

(Reporting by Padraic Halpin; editing by David Goodman and Jason Neely)

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