SWARCO withdraw from Russian market
SWARCO closes Moscow subsidiary and completely withdraws from Russian business.
Regrettably, SWARCO see no other option than to liquidate their Russian subsidiary SWARCO TRADE & SERVICE OOO, located in Moscow, and thus withdraw from the Russian market for good.
"This decision was taken accordingly and is consistent with our actions since the beginning of the Russian aggression against Ukraine, when we stopped all business activities with Russia (and Belarus) immediately afterwards", says SWARCO CEO Michael Schuch.
Since 31 May 2023, Moscow-based SWARCO TRADE & SERVICE OOO has been in liquidation. The legal conclusion of this liquidation process is expected to take until approximately the end of the year.
The SWARCO Executive Board would like to express its sincere thanks to the local employees under the leadership of Managing Director Katya Kusmina for their work in the RMS and ITS divisions over the past years and wish them all the best for their private and professional future.
P.S.: Effective 13 November 2023, the legal procedure of the liquidation has been fully completed.