Cummins Suspends Russian Operations
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The board of directors for Columbus-based Cummins Inc. (NYSE: CMI) has suspended all commercial operations in Russia as a result of the country’s invasion of Ukraine. The company says it is currently taking steps to “wind down operations expeditiously.”
In a statement Friday, the company said, “We strongly condemn the actions of the Russian government, which is putting millions of innocent people at risk and turning millions of Ukrainian citizens into refugees. That concern also extends to our 700 employees and thousands of end-user customers in Russia and the impact on citizens who are not participants in this invasion.”
Our partners at the Indianapolis Business Journal report Cummins manufactures products in Russia as part of a joint venture with Russian vehicle-maker KAMAZ Inc. that was signed in 2006. However, the companies have had a business relationship dating back to the 1980s.
“This decision is very difficult for our employees affected in Russia, our company, our communities, and our customers,” the company said. “We have deep care and concern for our employees and are making every effort to minimize the impact on them. We are evaluating the best ways to support our employees during this difficult time in accordance with local laws and regulations.”
Cummins says it is providing $250,000 in fast-tracked grants to provide immediate assistance for short-term emergency refugee needs. The company adds it is working with community organizations, especially in Romania and Poland, to determine the best way to assist refugees.