Magna International announces that it is idling its Russian operations
Magna has six plants in Russia and about 2,500 employees.
Magna International Inc. is joining other Canadian companies in standing up against aggression in Ukraine by idling its Russian operations.
“Like most in the international community, we remain deeply concerned with the very unfortunate situation in Ukraine,” spokeswoman Tracy Fuerst said in an email on Mar. 3.
Magna has six plants in Russia and about 2,500 employees.
Although it doesn’t have facilities in Ukraine, the company said thousands of Ukrainians work in its global operations, along with Russians it says share the same values of “human rights, diversity and inclusion.”
Magna also says it is making a significant donation to the UN Refugee Agency and will match employee contributions.
The action comes a day after Kinross Gold Corp. said it was suspending all activities at its Udinsk development project in Far East Russia and is in the process of suspending operations at its Kupol mine.
Two other Canadian companies also took action in response to Russia’s invasion of Ukraine.
Purpose Investments Inc. said on Mar. 3 that it has divested all direct holdings of Russian companies and pledged to cease new investments as long as Russia’s invasion of Ukraine persists.
“Like so many Canadians, we have an undeniable urge to do all we can to support those who are suffering,” Som Seif, CEO and founder of the Toronto-based company, said in a news release.
“We took a stance many years ago to embed ESG factors into all our investments portfolios, and believe there is no better test on a firm’s ESG principles than this. We simply do not feel that it’s appropriate to have our clients’ capital supporting Russian companies or businesses that are engaged in direct business in Russia.”
Purpose has also called for the investment industry to support the divesting of Russian assets in their portfolios.
