Both companies decided to leave the Russian market completely
“Already in the spring, the company decided not to make any new sales projects in Russia. In addition, it canceled EUR 70 million of its order backlog on March 31, 2022,” informs Anu Salonsaari-Posti, SVP, Communications and marketing, Valmet.
“During the latter part of the spring, the evaluation of the options related to the withdrawal has progressed, and the company has initiated employee reductions, which will result in a 50 percent reduction in the number of employees in Russia in this first implementation phase.
“Valmet will withdraw from Russia completely and will continue to implement the withdrawal in stages as the review of implementation options is fully completed.”
Approximately 2 percent of Valmet‘s total net sales came from its Russian operations in 2021. In the spring of 2022, Valmet had a total of approximately 140 employees in Russia, working primarily in sales, engineering, maintenance and financial administration. Valmet does not have production in Russia.
Two days earlier, Hewlett Packard Enterprise officially announced an orderly exit of Russia and Belarus.
“Last February, we suspended shipments to Russia and Belarus across our portfolio and post our marketing and advertising activities. Considering the COVID environment and long-term outlook for Russia, we have decided to stop our Russia activity and have become the process of fully winding down our operations,” reports Enrique Lores, President & CEO, Hewlett Packard.
“Business there accounted for approximately $1 billion in revenue in fiscal year 2021.”