US manufacturer of industrial cutting products Hypertherm is formally closing its legal entity in Russia.
The company today (1st Nov) confirmed its decision, following an announcement earlier this year that said it would suspend business in the country due to its invasion of Ukraine.
The continued humanitarian crisis and unpredictable business environment has now caused Hypertherm Associates to conclude that a resumption of its Russia business is not going to be possible for some time.
In a statement formalising the decision, Hypertherm said it has worked to reassign its affected associates to new roles within its European and Middle East operations.
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