Bufab AB’s Board of Directors has decided to discontinue its small operations in Russia due to the ongoing war in Ukraine.
Bufab has a small inventory- and sales office in Russia with a total of approximately 15 employees but has no operations in Ukraine. The decommissioning process of the Russian entity has begun with due considerations towards employees, customers, and business partners.
Bufab's decision to discontinue the operations in Russia will not have a material impact on the company's revenues and earnings as total sales in Russia amounted to just above 30 MSEK in 2021, which corresponds to approximately 0.5% of Bufab's total annual sales. The discontinuation may entail some non-material write-downs.
Earlier this year, Bufab moved to acquire TIMCO for £54 million.