After Russia’s invasion of Ukraine in 2022, Konecranes said it would stop taking new orders from Russia. We also stated our clear intention to wind down our business in the country.
Konecranes has now started to deliver its final crane order to Russia. The order – cranes for a Waste-to-Energy recycling site outside Moscow – was placed in 2019 by a European company and subsequently delayed by Russia’s invasion of Ukraine. Once this order has been delivered, Konecranes will have no further outstanding orders to Russia.
Konecranes wrote off the order in 2022, and this is the only write-off the company will deliver to Russia. We took the decision to start deliveries as breaching the contract would have exposed the company to possible significant financial risk that could damage our business for both the short and long term. The delivery does not infringe on European Union sanctions against Russia.
Konecranes’ plans to exit Russia continue. Our total number of employees in the country before the war was around 200, mainly working in sales and service. By the end of Q4 2022 our headcount was less than 10 following actions including, for example, the divestment of our service business to local management.
For more information on Konecranes’ response to Russia’s invasion of Ukraine and its impact on our business, please click here.
Further information
Konecranes Media Desk
[email protected]
Further information for investors and analysts
Kiira Fröberg, Vice President, Investor Relations, Konecranes
Email: [email protected] or phone: +358 20 427 2050
This press release is available at our website konecranes.com
Konecranes is a world-leading group of Lifting Businesses, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2022, Group sales totaled EUR 3.4 billion. The Group has approximately 16,500 employees in around 50 countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).
