https://www.miningweekly.com
Environment|Products|Operations
Environment|Products|Operations
environment|products|operations

Arconic sells its Russian operations for $230m

16th November 2022

By: Reuters

  

Font size: - +

Arconic sold its Russian operations to the majority owner of State-backed metals company VSMPO-AVISMA for cash proceeds of $230-million, the US aluminum products maker said on Tuesday.

Arconic joins a list of Western companies that have sold their Russian assets to comply with sanctions on Moscow over the Ukraine war. 

"Operating in Russia only became more difficult and our ability to operate going forward became increasingly uncertain in light of the current geopolitical environment," said Tim Myers, CEO of the company.

Arconic had paused new contracts in Russia in March.

However, the company in May had warned that its employees could face criminal charges if it made any abrupt or unapproved changes to its Russian operations, based on an ongoing dispute with the country's antitrust body. 

Edited by Reuters

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (01/12/2023)
1st December 2023
Photo of Martin Creamer
Jupiter Mines, Copper 360 and DRDGold make headlines
1st December 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.157 0.189s - 91pq - 2rq
Subscribe Now