Vestas CEO on Russia exit after cumulative evaluation

Henrik Andersen, Vestas' CEO, says the company has spent a month assessing how to withdraw from Russia.
Vestas CEO Henrik Andersen. | Photo: vestas
Vestas CEO Henrik Andersen. | Photo: vestas

Vestas has decided to leave Russia, announces Chief Executive Henrik Andersen at the company' annual general meeting Tuesday.

"Vestas stopped all new commercial activity in Russia in early March. After this decision, Vestas began to explore and evaluate different scenarios, including whether we could complete our existing commitments as well as how we could exit Russia in a controlled and proper manner if the war were to continue," Andersen says:

"After concluding this work, and bearing in mind the situation's development, we have decided to leave Russia."

He adds that, to ensure the group's controlled and proper withdrawal, Vestas will focus on the safety and living conditions of its Russian personnel as well as protecting Vestas' interests through a controlled transfer of the business in accordance with international and local legislation.

"Select activities in this context are expected to continue during a transitional period. Our thoughts are with the Ukrainian people, and we hope that a peaceful solution is soon found," Andersen notes.

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