Business

Multinational companies suspend operations in Ukraine and move employees to safety.

Multinational corporations begin to close operations in Ukraine and move staff to safety Thursday, as executives grapple with the fallout of a full-blown invasion of Russia and the impact of widespread volatility in stock and commodity prices.

Carlsberg, one of the world’s largest brewers, said it had suspended operations at two plants near heavy Russian attacks, in eastern Ukraine and in Kyiv, to protect workers. The Danish group, which employs 1,300 domestic workers, mostly Ukrainian nationals, also temporarily closed its third brewery in Lviv after its natural gas supplies were disrupted.

The quickness of Russia’s The barrage of attacks sent shivers through international boardrooms and raised questions for businesses about how to cope with the rapidly changing geopolitical landscape.

“Today is a dark day for all of us. The attack on Ukraine represented a turning point in Europe; Christian Bruch, chief executive officer of Siemens Energy, said at the German company’s general meeting on Thursday. “We as a company now have to analyze exactly what this situation means for our business.”

As recently as last week, foreign companies in Ukraine have contingency plan in placeAnna Derevyanko, deputy director of the European Business Association, said most did not believe that Russia would invade at the time.

That changed rapidly in the early hours of Thursday, as Russian air strikes hit Ukrainian cities.

At Hamburger Hafen und Logistik, which provides transport and logistics services, the last of 480 employees at its terminal in the Ukrainian port of Odessa evacuated early Thursday after seeing off two ships. cargo before Russian forces invaded, the company said in a statement.

In a sign that the conflict may not last, the company said it would pay employees a month’s salary in advance to allow them to “stock up on essentials.”

ArcelorMittal, which operates one of Europe’s largest steel mills in central Ukraine, said it would slow production down to a “technical minimum” and would shut down operations at its underground mines. mine. The company employs 29,000 workers and contractors throughout the country.

Cargill, the US agricultural giant and one of the largest foreign investors in Ukraine, a major wheat-producing country, said it was “working to determine if there is a disruption or impact our operations in the region.” The company also has a large presence in Russia.

Other companies with significant operations in Russia, including Airbus and Exxon Mobil, issued statements saying they were also prepared for Western allies to announce harsh new sanctions on the country. this.

https://www.nytimes.com/2022/02/24/business/multinationals-halt-operations-in-ukraine-and-move-employees-to-safety.html Multinational companies suspend operations in Ukraine and move employees to safety.

Fry Electronics Team

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