Siemens exits Russia, saying "we condemn" attack on Ukraine
CBSN
German engineering giant Siemens is exiting Russia, joining the long list of companies that have severed ties with the country because of its war in Ukraine.
The move will cost the company, known for making home appliances and medical devices, more than $630 million, the company disclosed Thursday in a quarterly earnings report.
"We condemn the war in Ukraine and have decided to carry out an orderly process to wind down our industrial business activities in Russia, Roland Busch, the company's president and CEO, said in a statement. "This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been actively for almost 170 years."
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