Cushman & Wakefield ditches Russia business, Ball Corp also plans exit

[BENGALURU] Real estate services company Cushman & Wakefield said on Monday (Mar 28) it has reached an agreement to transfer its business in Russia to a local operator.

Separately, sustainable metal packaging maker Ball Corp said it would reduce operations immediately at its 3 manufacturing facilities in Russia. Ball is also pursuing the sale of its Russian business to a new owner.

Many companies including Apple, Google, Ford Motor and Harley-Davidson have limited, put on hold or exited operations in Russia after governments worldwide slapped sanctions on Moscow over its invasion of Ukraine.

Cushman & Wakefield said it would exit from all service delivery within Russia, and the deal is not material to the firm's financial statements or future operations.

Ball's Russian business generated sales of US$552.4 million last year, representing about 4 per cent of the company's total net sales in 2021.

In addition, Ball's manufacturing plants in Russia produced about 5 per cent of its 112.5 billion global beverage can unit shipments last year. REUTERS