By Ed Frankl

 

ABB Ltd.'s Chief Executive Bjorn Rosengren said Thursday that the company would likely make a decision in the summer on a full exit of its Russia business.

In response to the country's invasion of Ukraine, the Swiss industrial company had suspended the intake of new orders in Russia, which it said previously represented 1%-2% of ABB's revenue.

But in a media conference on Thursday after first-quarter results, Mr. Rosengren said that, based on developments in the war, at some point in the summer the company would have to take a decision on steps forward in Russia.

There are contractual commitments that ABB currently has to execute, and any potential exit from the country would have to consider these on a case-by-case basis, a spokesman told Dow Jones Newswires.

ABB said it has around 750 staff in Russia, who have mostly been on paid leave since the invasion at the end of February.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

April 21, 2022 04:54 ET (08:54 GMT)

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