Mantsinen says it is exiting Russia

Finland-based material handling equipment maker Mantsinen Group says it is “in the process of divesting our Russian businesses and [is] negotiating the sale of our subsidiaries.”

The company, which bills itself as “the largest hydraulic material handling machines and cranes in the world,” says it has been active in Russia for almost 25 years. Mantsinen says it ceased export operations to Russia “immediately after Russia began a war of aggression into Ukraine.”

The firm says shortly thereafter it also “began to investigate different options for continuation of operations of the Russian subsidiaries” before reaching the decision to divest.

“The main objective is to ensure a good solution for the Mantsinen Group and to ensure continuity for our local teams and customers,” says Mia Mantsinen, the company’s CEO.

The firm says, “In the future, Russian companies will operate as independent companies and under a new name. Mantsinen Group will not continue its own operations in Russia after the sale of the companies. After the change, the group’s only subsidiary is Mantsinen Sverige Ab in Sweden.”

Since the late February invasion of Ukraine by Russia, several recycling-related companies have made moves to divest from the Russian market. The list includes Mantsinen’s fellow Finnish equipment maker Metso Outotec and European paper producer Mondi Group.