Koch Industries will continue to operate factories in Russia
Koch Industries, the industrial conglomerate run by billionaire Charles Koch, has said it will continue to operate factories in Russia as other companies exit following Russia’s invasion of Ukraine.
President and Chief Operating Officer Dave Robertson said in a statement Wednesday that aggression in Ukraine was an “insult to humanity” but that Koch would not stop operating two Russian glass factories at its Guardian Industries unit.
The Guardian’s business employs 600 people and makes up a small fraction of the privately held company, which last year had estimated revenue of $115 billion. Koch Industries “will not move away from our employees there or hand over these manufacturing facilities to the Russian government so that it can operate and benefit from them,” Mr. Robertson said.
In recent days, dozens of large corporations, including British American Tobacco, McDonald’s and Ikea, have said they are temporarily suspending sales, closing stores or shutting down operations in Russia. Many people have invested millions or even billions of dollars in the country in recent decades.
Last week, the Russian government warned it could nationalize the assets of Western companies that were moving out of Russia and asked its leaders to take “decisive actions” to preserve jobs in the country as its economy crippled. Went.
Since the conflict began, Koch Industries has provided financial assistance to employees and their families in Ukraine and will continue to do so, Mr. Robertson said.
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