Ball Corporation, the US-based, one of the world’s leading aluminium beverage cans producing companies, has enlisted its name to the list of companies who are downsizing their businesses in Russia. Last week, Ball announced that it is reducing operations at three of its manufacturing plants in Russia due to the continued conflict with Ukraine.
In a statement, Ball said that it is highly affected by the war, which has already created four million refugees and killed thousands of people, adding to which, the company stated that it plans to sell off all its assets in Russia.
Ball’s three Russian plants collectively produce 5.6 billion cans each year, representing four per cent of the company’s total net assets. Worldwide, the company produces more than 11.25 billion cans each year.
The company’s move to discontinue business with Russia comes less than a week after the company announced it would suspend future investments in the country. Ball will also reportedly withdraw its investment plan in building a pair of new infinitely recyclable aluminium beverage packaging plants in Russia and the United Kingdom.
It joins a growing list of Colorado-based companies scaling back operation in Russia. Ball’s exit from Russia comes amid a global supply crunch for aluminium cans, fuelling the price hike on many beverages.
This move, along with new US sanctions on Russia, will stimulate the overall decline in trade between Colorado and Russia. Imports and exports between Colorado and Russia totalled less than $20 million in 2021, found the University of Colorado Leeds School of Business.
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