Cement maker Holcim to quit Russian market

Holcim is exiting the Russian market, the world's biggest cement-maker said on Tuesday.

"The Holcim Board of Directors has decided to initiate the process to exit the Russian market in line with the company's values to operate in the most responsible manner," the Swiss company said in a statement.

"This decision to divest the Russian business follows Holcim's previous announcement to suspend all capital investments in the market," Holcim added.

Holcim generates around 1% of its sales and operating profit in Russia, where it employs around 1,500 people. It is now looking for a buyer for the business.

The company initially kept its operations running, saying it was supplying essential building materials.