Company sells Russian business to industrial and construction conglomerate FSK Group
SIBELCO have completed the sale of their business in Russia to FSK Group, a leader in the Russian building construction sector, effective immediately.
Sibelco have been present in Russia since 2004, where they have successfully managed silica sand and clay mining and processing operations. The deal with FSK Group includes four operating entities: three sites in the regions of Moscow, Novgorod and Voronezh and a trading house based in the region of St. Petersburg.
The Russian activities of Sibelco serve a diversified range of end-markets, with strong market positions in the glass, construction, and ceramics industries.
Since February 2022, Sibelco’s business in Russia has operated on a stand-alone basis and in full compliance with all applicable sanctions against Russia.
Chief executive officer Hilmar Rode said: ‘Since 2022, we have carefully monitored the situation, always with the best interests of our employees and customers in mind. Ensuring the continuity and stability of the business for the benefit of our 300 Russian employees was always one of Sibelco’s key considerations in the divestment of its business in Russia.’