FMC Corp., the Philadelphia-based agriculture-focused chemical giant, shut down its Russian operation that accounted for about 1% of FMC’s global revenue or $50 million, the company said.
Many companies have scaled back or shut down their operations in Russia, but that’s not the case with FMC’s big agribusiness competitors like BASF and Syngenta, which have big businesses supplying seeds and chemicals to the huge industry. country’s food supply, Politico reported.
Ukraine and Russia are both grain powerhouses. And agricultural production is not subject to the various sanctions imposed on Moscow. The companies say humanitarian concerns about the availability of food for citizens of Russia and other countries justify their continued presence in Russia.
Among the giants, the Swiss agrochemical group Syngenta employs around 800 people in Russia and 730 in Ukraine. He said in late March that he had no plans to withdraw from Russia, Reuters reported in late March.
FMC, meanwhile, operated a plant in the Russian town of Cheboksary, about a 10-hour drive east of Moscow, which formulated and packaged plant protection products for Russia and Kazakhstan. The company employed 83 workers and 20 subcontractors.
FMC described the release, announced on April 14, as simply leaving the factory.
The company said reports of war crimes and human rights abuses led to the decision after it initially suspended new capital investment, marketing and advertising and halted research and development.
“Our values as a company and the realities of the unprecedented sanctions no longer allow FMC to grow our business in Russia,” Mark Douglas, the company’s chief executive, said in a statement. “FMC condemns the invasion and the war and we join the calls to end the violence immediately,” he added.
FMC, which acquired the pesticide business of DuPont Co. in 2017, is committed to helping farmers protect their crops and yields, the company said.
FMC, based in a tower in the university town, said it raised $270,000 globally for the International Red Cross and Red Crescent in Ukraine.
FMC has 36 employees in Kyiv. They are still employed but work remotely. “We checked them regularly and heard they were fine,” FMC spokesman Lars Weborg said.
FMC’s stock is up about 15% in the past year, rising from $113 to close at $132.65 on Friday.