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Article

6 Apr 2022

Author:
Lauren Ohnesorge, Triangle Business Journal (USA)

Lenovo, Krispy Kreme, Egger among companies named in Yale report for continuing to operate in Russia

"Report: Lenovo, Krispy Kreme, Egger among companies still operating in Russia" 6 April 2022

[...] More than 600 companies have withdrawn or suspended business in Russia – including Triangle heavyweights such as Red Hat (NYSE: IBM) and SAS. That’s according to a new report out of Yale University that says the company, which has a “dual headquarters” in Morrisville, has not disclosed details of its business in Russia publicly but calls it a “significant market share.”

Lenovo did not return repeated requests for comment on this story but put out a press release Monday that detailed the company’s annual kick-off, where CEO Yuanqing Yang announced plans to hire 12,000 professionals for research and development worldwide over the next three years. [...]

Lenovo isn’t alone on the list. Another North Carolina brand called out in the Yale report is Krispy Kreme (Nasdaq: DNUT). But in an email, a company spokesman said Krispy Kreme is withdrawing its operations from Russia.

“We condemn the violence and are calling for peace,” spokesman Jack Farmer said. “In Russia, Krispy Kreme is a franchised business. Several weeks ago, we suspended all shipments of doughnut making supplies and ingredients to Russia and terminated the agreement with the lone Russian franchisee. We are in the process of completely winding down the Krispy Kreme business in Russia and expect all shops to be closed in the very near term.”

Global companies such as Acer, Alibaba, Corning (NYSE: GLW), Huawei, International Paper (NYSE: IP), Red Bull and Tencent were also named in the Yale report for continuing to operate in Russia. Egger, the Austrian company which opened its first North American manufacturing plant in Davidson county in 2020, is also named in the report for continuing to operate two factories in Russia.

Part of the following timelines

Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest

Russia: Yale University challenges co.s to 'voluntarily curtail operations' in Russia, gives A-F grades for co. exit plans