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Adds details from release
Nov 15 (Reuters) – Arconic Corp ARNC.N sold its Russian operations to the majority owner of state-backed metals company VSMPO-AVISMA VSMO.MM for cash proceeds of $230 million, the U.S. aluminum products maker said on Tuesday.
Arconic joins a list of Western companies that have sold their Russian assets to comply with sanctions on Moscow over the Ukraine war.
“Operating in Russia only became more difficult and our ability to operate going forward became increasingly uncertain in light of the current geopolitical environment,” said Tim Myers, chief executive officer of the company.
Arconic had paused new contracts in Russia in March.
However, the company in May had warned that its employees could face criminal charges if it made any abrupt or unapproved changes to its Russian operations, based on an ongoing dispute with the country’s antitrust body.
(Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber)
((Granth.Vanaik@thomsonreuters.com;))
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