Industrial packaging maker Greif Inc. continues to operate nine facilities in Russia, while condemning the Russian government's invasion of Ukraine.
The Delaware-based manufacturer appears to have the most sizable operations in Russia among Central Ohio public companies, according to a search of Securities and Exchange Commission documents.
The list of Western businesses that have not pulled out of Russia since the war began Feb. 24 has been shrinking, according to research by the Yale School of Management.
"We are appalled by the ruthless aggression we have witnessed in ... Ukraine over the last several days," Greif CEO Ole Rosgaard told analysts in a March 3 conference call for first-quarter results, according to a transcript.
Greif also has temporarily closed its one plant in Ukraine for safety, he said. It is in the Flexibles joint venture making bags and flexible packaging. Greif is in the process of divesting its 50% stake.
The nine Russian locations source raw materials and serve local customers, making up about 3% operating profit, Rosgaard said. The company expanded production in 2019, making bulk containers and steel drums, according to a release.
"In times of crisis we lean on our values," Rosgaard said. "While extremely upset and aghast by the aggressive actions taken by the Russian government, as with our Ukrainian colleagues our focus is on all Greif people. We remain in full support of our Russian colleagues and continue to operate in Russia with also their well-being as our priority."
The $4.5 billion company already had proactively removed earnings from those operations from its projections for the year in anticipation of the economic uncertainty in the region, CFO Larry Hilsheimer said.
The state of Ohio accounts for 3% each of U.S. exports to and imports from Russia, according to a Business Journals analysis of federal trade data from the U.S. Census Bureau. The biggest category by far is livestock and animal products: Ohio accounted for one-third of U.S. exports to Russia in 2021, $8.7 million of $27.1 million.
Among other Central Ohio companies with operations in the region:
- Vertiv Holdings Co., a Columbus company that makes power supplies and other critical infrastructure to data centers and IT operations, said Thursday it suspended commercial operations in Russia. The company noted in its annual report this week that the war, sanctions and disrupted energy supplies could reduce sales or affect costs in its worldwide manufacturing operations. Vertiv supplies a large data center in Moscow and Russian healthcare facilities, according to news releases on its website for users in Europe and Asia. Russia and Ukraine together made up 1% of revenue last year. "From accepting those displaced into their home to collecting necessities to provide comfort, our employees have responded in inspired ways to support those in need," the company said in a statement.
- Mettler-Toledo International Inc., which makes scales and other precision instruments for laboratory, industrial and food-service use, said it continues to do business in Russia in its annual report, but did not specify if that meant sales or facilities.
- New Albany-based Commercial Vehicle Group has a plant in Ukraine, and said in a recent filing it can't predict the impact from "electrical outages, cyber-attacks and periodic battles with separatists closer to our facility. In addition, certain of our employees in Ukraine are routinely conscripted into the military and/or sent to fight in the ongoing conflict."
- Dublin-based Cardinal Health Inc., Ohio's largest public company, has no operations in Russia, a spokesman said.