U.S. Companies Say They Are Monitoring Impact of Russia-Ukraine Crisis

The Toledo, Ohio-based company sources natural gas from several distributors in Russia and other European countries. Although Owens Corning hasn’t experienced any reduction in energy supply from Russia yet, the company would look for alternatives in other countries if it did, Mr. Parks said. Owens Corning, which does business in 33 countries around the world, manufactures fiberglass composites and other construction materials.

Russian missiles and airstrikes hit Ukraine’s capital, Kyiv, and other cities throughout the country Thursday, after President

Vladimir Putin

announced a military operation. “This steps up a bit of concern on…the availability of natural gas,” Mr. Parks said.

Food-processing company Archer Daniels Midland Co. on Thursday said its facilities in Ukraine have halted operations in response to security protocols and government guidelines. The Chicago-based company said it is actively monitoring the potential financial impact of the Russia-Ukraine conflict on its business. ADM said it employs 41,000 workers globally, including 630 in Ukraine and 430 in Russia.

“ADM will use the full breadth of our global and integrated supply chain to support the needs of our customers around the world as we manage through this difficult situation,” the company said in a statement. The company has a 50% interest in Aston Foods and Food Ingredients, a Russia-based sweeteners and starches business, according to a regulatory filing.

Paint maker

PPG

industries Inc. said it is closely monitoring the situation in Russia and Ukraine. “We have a presence in Russia, which equates to about 1% of our sales, and a very small presence in Ukraine with no manufacturing or distribution facilities,” the company said. The company last month reported global net sales of $16.80 billion for 2021, up 21% from 2020.

Cash-management company Brink’s Co. on Thursday said it has halted all operations in Russia, including bank note transfers, to ensure it complies with newly introduced U.S. sanctions against the country.

The U.S. and Europe broadened their sanctions on Thursday, including against Russian banks VTB and Sberbank. It is too early to gauge whether Western sanctions would affect Owens Corning, Mr. Parks said. “I’m not even going to try to think through all the sanctioning impacts on financing and all of that at this point in time,” he said.

Owens Corning’s Europe operation, which includes Russia, comprised 17.2% of its $8.5 billion in net sales last year, up from 16.2% the previous year, regulatory filings show. It operates a facility in Gus-Khrustalny, Russia, as part of its composites business, which has 27 other sites world-wide. Owens Corning employs approximately 20,000 people globally, including about 500 in Russia.

The attack on Ukraine threatens European gas supplies, particularly if Russia shuts off its gas in response to Western sanctions meant to punish Moscow. Russia is Europe’s largest supplier of gas, crude oil and coal.

Write to Mark Maurer at [email protected]