IRISH BUILDING SUPPLIES firm CRH has announced it is pulling out of the Russian market, becoming the latest company to respond to Moscow’s invasion of Ukraine.
The building materials giant, which is Ireland’s largest indigenous firm, confirmed the move in a statement this afternoon:
“CRH management, in conjunction with its Board of Directors, took the decision over the weekend to cease operations in Russia and withdraw from the market.”
The Dublin-based group said it entered Russia in 1998 as a supplier to the building materials market through its operating company Rudus.
Rudus, which is headquartered in Finland, operated a concrete panel production plant servicing the city of St Petersburg. It also operated seven ready mixed concrete plants.
The company’s website states that “all operations in Russia are now ceased”.
CRH CEO Albert Manifold told Reuters news agency that the company’s stake in the Russian market was around €1.5 million. He said the withdrawal had been in the works for some time but that decision was accelerated over the weekend.
“We have infinitesimally small businesses in Saint Petersburg, literally 4 or 5 machines in individual plants. It was just a satellite office,” he said.
Manifold was speaking to the press following the announcement that CRH’s full-year core earnings for 2021 were $5.35 billion.
CRH follows a host of international companies cutting ties with Moscow.
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