Major international corporations that have operations in Russia and Ukraine are keeping a watchful eye as the conflict progresses, with some even shuttering facilities.
Toyota Motor Corp. FOX Business told on Thursday that the company is temporarily shutting down all its Ukraine dealerships through Friday. Between Toyota and Lexus, the company has 37 dealerships in Ukraine. Its plant in St. Petersburg, Russia, “is currently maintaining normal operations,” Toyota said.
CLICK HERE TO READ MORE ON FOX BUSINESS
The company declined to give further details on the matter, but said it’s monitoring the situation “while keeping the safety and well-being of our employees and their families as a top priority.”
The company has just over 2,600 employees in Russia, including both at the St. Petersburg manufacturing facility and the sales office in Moscow.
|TM||TOYOTA MOTOR CORP.||182.24||-1.64||-0.89%|
Ingka Group, which operates Ikea stores worldwide, said the recently declared sanctions will impede its operations, although the company declined to elaborate on the extent of the impact.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“Ingka Group has a long-term engagement with our customers, co-workers and suppliers both in Russia and Ukraine,” the company said in a statement to FOX Business. “The declared sanctions will affect all international companies, including Ingka Group.”
In the meantime, the company says it’s focused on the safety and security of its workers.
“We are doing our utmost to support them at this time,” Ingka Group said.
In Russia, the company has roughly 10,000 employees, 14 Ikea retail stores and nine planning studios. In Ukraine, Ingka Group has one store in Kyiv in addition to e-commerce. It has a total of around 400 employees.
Meanwhile, Nestlé told FOX Business that its six factories in Russia, which are geared toward pet food, coffee, confectionery and infant nutrition sales, are still running normal operations. It also has “business continuity plans in place to ensure the continued supply of our products to consumers,” a company spokesperson told FOX Business.
“Nestlé’s products have been present in Russia for over 150 years,” the spokesperson said. “Over 90% of our products sold in Russia are locally produced and our business is focused on supplying consumers in the country.”
The company is also “focused on the safety and protection” of its employees.
Representatives for Volkswagen did not immediately respond to FOX Business’ request for comment. The carmaker told Reuters that the “degree of impact on our business activities in the affected countries is continuously determined.”
“Regarding all activities on site, the safety and integrity of our employees is our top priority,” the company said in a statement to Reuters.