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UPDATE 1-Arconic looks to sell Russian operations

Reuters
·1 min read

(Adds details on Russian operations, warning on charge)

May 19 (Reuters) - U.S. aluminum products maker Arconic Corp said on Thursday it would pursue a sale of its Russian operations after a review of strategic alternatives and warned of a charge of up to $500 million.

Arconic joins other Western companies that are selling their Russian assets as they scramble to comply with sanctions over the Ukraine war.

"Sadly, the conflict in Ukraine has made our operation in Russia untenable," Arconic Chief Executive Tim Myers said in a statement.

Arconic had paused new contracts in Russia in March. However, the company in May had warned that its employees could face criminal charges if it made any abrupt or unapproved changes to its Russian operations, based on an ongoing dispute with the country's antitrust body.

The company employs 3,000 people in Russia, which made up 16% of its total revenue in 2021. (Reporting by Ruhi Soni in Bengaluru; Editing by Maju Samuel)