The Swiss engineering group, which has already significantly reduced its business activities in Russia, said a sales process will begin immediately.
In a statement, Sulzer said that the board regrets the necessity of this decision “but after careful review of the possible options, concludes that it is the best solution for all the stakeholders.”
The company said it is fully committed to continuing to support its 300 employees in Russia through the process.
Sulzer has been operating in Russia for decades. Russia accounted for 2.7% of Sulzer’s total sales in 2021.