Finnish dairy manufacturer Valio has announced it will end all business operations in Russia, with the exit process beginning immediately.
Currently Valio has a processed cheese factory near Moscow, and contract manufacturing partners and sales offices in St Petersburg and Moscow, employing 400 people.
However, all sites of the 100% Finnish-owned Russian subsidiary will now be closed.
This follows news at the end of last week that Valio would be stopping all exports to Russia and Belarus. The brand also cancelled all imports of ingredients and packing materials from Russia to Finland.
In a statement today the company said the decision “to end the business and ramp down operations” had involved “many details” which the business had been working to straighten out.
“We strictly condemn Russia’s attack on independent Ukraine,” said Annikka Hurme, CEO of Valio. “Ethically, Valio cannot continue operations in Russia – therefore, we are ending business operation in Russia.”
According to Valio, it had annual sales of approximately €85m in Russia.