McCain Foods scraps plans for Russian plant

[Spazito]

Company had planned to spend $211 million Cdn on plant south of Moscow

McCain Foods has scrapped its plan to open a potato processing plant in Russia following the country's invasion of Ukraine.

The company founded in New Brunswick announced the change in plans in a statement issued Thursday morning after previously saying it had halted construction as of Feb. 24.

"We have now made the decision to discontinue the project entirely," Charlie Angelakos, McCain's vice-president of global external affairs and sustainability, said in an emailed statement.

"In addition, we are also suspending all shipments of our products into the Russian market."

more

https://www.cbc.ca/news/canada/new-brunswick/mccain-foods-russia-plant-1.6379744

[Sherman A1]

1. In my opinion the Russian economy will require decades to just get back

to where is was before this ham handed move by Putin. No one with any sense will want to deal with them for much of anything and that is just fine with me.

[Spazito]

2. I agree...

It is likely here will be no further investments there while Putin is in power, it would be a losing proposition for businesses to trust anything said or done until Putin is gone, imo.