Etex completes its full exit from Russia

Etex completes its full exit from Russia

Since the Russian invasion of Ukraine, Etex has been looking at all options to fully exit Russia, taking into account all aspects, including teammates working in the country.

As soon as the invasion started in early 2022, Etex put all its Russian activities on a standalone basis with no contact with local management or financial transaction. It also stopped its small export of fibre cement products in the country, in line with the applicable sanction regulations.

Today, Etex has completed the process of fully exiting Russia by divesting its only two sites in the country. These sites were part of the original URSA (insulation materials) footprint acquired a few weeks before the invasion took place. Russian activities accounted for less than 2% of Etex’s overall operations.

Etex has supported its 250 Ukrainian teammates and their families with help to move within Ukraine or Europe, financial support, job relocations, training and fund raising. Etex’s plant in Bakhmut, Ukraine, was significantly damaged by bombings.

Etex is actively preparing to help rebuild Ukraine as soon as it is possible and safe to do so.