Komatsu CEO: no immediate plan to withdraw from Russia – Yahoo Finance

TOKYO, Dec 5 (Reuters) – Komatsu Ltd, the world's second-largest construction machinery maker after Caterpillar Inc, has no immediate plan to withdraw from its Russian operations, it said on Monday, but did not rule out exiting the country in the future.
Following Russia's invasion of Ukraine in February, Komatsu, which also competes with Sany Heavy Industry and Hitachi Construction Machinery Co Ltd, halted shipments to Russia as well as local production but still offers maintenance services for its machinery already in the country.
Komatsu has a manufacturing plant in Yaroslavl, Russia.
"At the moment, like we said in April, we are not considering withdrawal. But various developments could take place as we go forward," Komatsu Chief Executive Hiroyuki Ogawa told reporters in an online interview.
"There may come a time when we will need to decide whether or not to withdraw (from Russia). But that's not something we are considering at the moment."
Russia and other countries in the Commonwealth of Independent States (CIS) accounted for 7% of Komatsu's heavy machinery sales in the year to end-March 2022.
Komatsu in October posted a 75% jump in net profit for the first half of the current business year thanks to strong heavy machinery demand and a softer yen, and raised its full-year net profit forecast by 32% to a record 298 billion yen ($2.21 billion).
Ogawa warned, however, that global demand will likely slow in the next business year due to higher interest rates, inflation and slower economic growth.
"I don't necessarily think demand in the next business year will be good when compared with this year's," Ogawa said.
He also said Komatsu has no plan to pull out of its ammunition business, which he said accounted for less than 1% of total revenue, although it has practically withdrawn from armoured vehicle operations.
"As for our ammunition business…We are conducting the operation as our way of contributing to national defence, and we will keep on doing it," Ogawa said. ($1 = 134.9800 yen) (Reporting by Kiyoshi Takenaka; Editing by Kirsten Donovan)
Related Quotes
With defence ministers from Britain, the US and Australia due to meet in Washington, Kim Sengupta looks at what the future holds for the three-way pact
The layoffs and cost-cutting that Intel Corp. executives recently warned about have begun in California, with a couple of hundred employees set to lose their jobs next month, and manufacturing employees worldwide being offered unpaid leave.
General Electric, whose spinoff of its health care and energy companies will leave Evendale-based GE Aerospace as the sole company, bought out every single print add in the New York Times for the first time in the newspaper's history.
Gasoline prices are falling sharply with the national average price targeting even more declines by Christmas.
Plans by California lawmakers to potentially [levy penalties on the oil industry]( for high profits are ridiculous, Occidental Petroleum Corp. Chief Executive Vicki Hollub says. “I think too many of the politicians just don't understand the industry. They don't understand any industry,” Ms. Hollub said at The Wall Street Journal’s CEO Council Summit Tuesday. California la
Even a dour outlook for the broader stock market couldn't outweigh good news for these companies.
If the project receives its final approvals, it will join two other formerly active General Electric properties scheduled for demolition.
Have an issue with your financial adviser or looking to hire a new one? Email
Brent, the international benchmark grade, dropped 4% to $79.35, marking its first time below $80 since January.
Market noise has been loud this year and it has been difficult for investors to look beyond the hysteria whipped up by their peers to focus on information and fundamentals. Sentiment has also been highly changeable, which has led to volatile stock prices that in many cases materially diverge from underlying business valuations.
At a time when rival retailers have struggled to address employee demands for higher wages and better benefits, Costco has managed to separate itself from the pack, building on a reputation as one of the friendliest places to work in retail.
A group of Meta Platforms, Inc (NASDAQ: META) workers who joined via a corporate training program alleged inferior severance packages compared to other workers whom the company recently laid off. The employees were members of Meta’s Sourcer Development Program, likely to help workers from diverse backgrounds obtain careers in corporate technology recruiting, CNBC reports. Nearly every member of Meta’s Sourcer Development Program, more than 60 workers, was let go from the company as part of its m
From Salesforce and Beyond Meat to Snap, Lyft, and Robinhood, big names across a number of sectors have announced major layoffs this fall.
Russia cut supplies of natural gas to Europe in response to the wave of international sanctions that followed Moscow's invasion of Ukraine.
(Bloomberg) — Microsoft Corp. executives are set to meet with US Federal Trade Commission Chair Lina Khan and other commissioners Wednesday to make its final case in favor of its deal to buy gaming studio Activision Blizzard Inc., a person familiar with the meetings said.Most Read from BloombergTrump Companies Are Convicted in NY Criminal Tax Fraud Trial‘Huge, Missing and Growing:’ $65 Trillion in Dollar Debt Sparks ConcernEx-Deutsche Bank Trader Builds $6 Billion Fortune on Trading BoomWorld E
Developers proposed to divert 100% of fees generated on the platform to SushiSwap’s multisig for one year or until new tokenomics are implemented.
Yahoo Finance Live anchors discuss Starbucks's new tipping system and customer backlash.
United Airlines Chief Executive Scott Kirby said a tentative contract agreement between rival Delta Air Lines and its pilots union would set an industry pattern. "It's a rich contract but I think the really good news is it means we'll all get deals done essentially on the same terms and can move forward," Kirby told Reuters on the sidelines of an event in Washington late Monday. Delta struck a tentative deal Friday to give pilots a 34% cumulative pay increase in a new four-year contract.
Nine Energy Service Inc., TORM PLC, and Scorpio Tankers Inc. lead peers in the momentum category, rising eight-fold in the past year as the Russell 1000 fell 11%.
Airbus the European airplane maker that competes with Boeing said it would miss a target for delivery this year. Deutsche Bank analyst Christophe Menard estimates that Airbus (ticker: AIR.France) will deliver 681 vehicles in the year. Airbus Chief Executive Officer Guillaume Faury said last week that delivery delays will continue into next year as the supply-chain issues persist.



Learn More →

Leave a Reply

Your email address will not be published. Required fields are marked *