Norway’s Orkla exits Russia following Ukraine invasion

OSLO (Reuters) – Norwegian conglomerate Orkla said on Friday it will cease its operations in Russia, making it the latest Western company to leave the country following the invasion of Ukraine.

Orkla’s Hame Foods ZAO unit produced “long shelf life food products” for the Russian market, the company said in a statement.

“After a thorough decision-making process, we have concluded that it is no longer desirable to continue to operate in Russia, and we are therefore ceasing our activities,” said Johan Wilhelmsson, the head of Orkla Foods International.

“We will strive to take care of the employees in the best possible way in a difficult time,” he said.

Orkla had 367 employees in Russia and last year’s revenue amounted to 184 million Norwegian crowns ($20.57 million), a small fraction of the group’s overall sales of just over 50 billion crowns.

Orkla said it has also stopped exports and imports related to Russia as well as to Belarus, which has supported Moscow’s invasion.

($1 = 8.9472 Norwegian crowns)

(Reporting by Terje Solsvik)