Kingspan latest Irish company to withdraw from Russia

Cavan headquartered building materials firm, Kingspan, is the latest Irish company to announce its exit from the Russian market following the invasion of Ukraine.

In a statement, the business says it has sold its operations in the country to local management.

"Whilst our decision to exit was made in early March, it has taken several weeks to ensure that it could be completed in an orderly fashion, with the safety and welfare of our staff as a key priority."

Kingspan had two production facilities in Russia that employ close to 180 staff.

The Kingscourt based firm will now no longer sell its products in Russia, which accounts for less than one per cent of its overall business.

The company added in its statement: "Kingspan is deeply saddened by the growing humanitarian crisis as a result of Russia's unjustified attack on Ukraine and its people."

Furthermore, Kingspan says it has made a $750,000 donation to UNICEF for the setup of five Blue Dot Centres to assist refugees on the Ukrainian border. They are also providing additional local supports.