Two Polish companies fully left Russia after invasion of Ukraine, 32 leaving, twelve waiting & four remain; recent statistics show
Two Polish companies fully left Russia after invasion of Ukraine, 32 leaving, twelve waiting and four remain, 3 February 2023
Since the full-scale invasion of Ukraine began, two Polish companies have completely left the Russian market and sold their shares, another 32 Polish companies have announced plans to leave or suspend their activity in Russia, twelve are waiting and limiting their investments, and four are still staying, according to KSE Institute.
Polish companies that pay taxes in Russia may be indirectly subsidizing its invasion of Ukraine, wiping out the over €3 billion ($3.3 billion) the Polish government is spending to support the country, noted in the B4Ukraine Coalition...
Two companies that have completely left the Russian market and sold their shares are clothing manufacturer LPP (Reserved, Cropp, Mohito, and Sinsay brands) and frozen fruit and vegetable firm Hortex...
32 Polish companies that announced plans to leave or suspend their activity in Russia employed 400 people in Russia, generated $197 mn (12%) in annual revenue, and had $18 mn in capital and $73 mn in assets, according to the data. For instance, oil refinery PKN Orlen, manufacturer of trailers Wielton, manufacturer of ventilation, fire-protection systems SMAY are included in this group by the KSE Institute. However, it notes that a lot of companies in this category are trading ones and don’t have staff or offices in the country.
Four companies are still staying and twelve are waiting and limiting their investments. Collectively, these generated a significant portion of the revenue ($777 mn or 45%) received by observed Polish companies in Russia and employed 74% of staff, the researchers said.
According to them, the four companies that have chosen to stay in Russia are manufacturer of power supply devices APS Energia, real estate developer Liebrecht & Wood, adhesive manufacturer Macrochem, and wood-based materials and floors producer Swiss Krono, while state oil and gas company PGiNG, leading manufacturer of beverage packaging CANPACK and manufacturer of pharmaceuticals Polpharma are waiting have just reduced their activities...