Danish wind turbine maker Vestas pulls out of Russia
Following a slew of Western companies, Danish wind turbine manufacturer Vestas said Tuesday it would withdraw from Russia, where it has two factories, over the country's invasion of Ukraine.
The move was announced as the company held its annual general meeting.
"In light of the invasion, Vestas stopped new commercial activity in Russia in early March. After this decision, Vestas began reviewing different scenarios," the company said in a statement sent to AFP.
Vestas added that the company condemned the invasion and "the atrocities reportedly committed by the Russian army".
"Following this review and how the situation has evolved, we have taken the decision to withdraw from Russia," it added.
According to the company, Vestas has installed wind power capacity of 1 gigawatt (GW) in Russia, compared to the 151 GW installed in 86 markets globally.
Vestas has two factories in Russia, which have mainly supplied wind projects in the country.
"The withdrawal aims to ensure the safety and livelihood of our employees in Russia as well as safeguard Vestas' interests through an orderly transfer of our business in compliance with international and local law, which entails certain activities may continue during a transition period," the company said.
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The move was announced as the company held its annual general meeting.
"In light of the invasion, Vestas stopped new commercial activity in Russia in early March. After this decision, Vestas began reviewing different scenarios," the company said in a statement sent to AFP.
Vestas added that the company condemned the invasion and "the atrocities reportedly committed by the Russian army".
"Following this review and how the situation has evolved, we have taken the decision to withdraw from Russia," it added.
According to the company, Vestas has installed wind power capacity of 1 gigawatt (GW) in Russia, compared to the 151 GW installed in 86 markets globally.
Vestas has two factories in Russia, which have mainly supplied wind projects in the country.
"The withdrawal aims to ensure the safety and livelihood of our employees in Russia as well as safeguard Vestas' interests through an orderly transfer of our business in compliance with international and local law, which entails certain activities may continue during a transition period," the company said.
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