By Will Feuer

 

Toyota Motor Corp. said it is ending production at its plant in St. Petersburg, Russia, and restructuring its operations in Moscow, months after the Russian invasion of Ukraine spurred international sanctions that have made operating in Russia challenging for multinational companies.

Like many other multinational companies with operations in Russia, Toyota suspended production at its St. Petersburg plant on March 4, citing "the interruption in supply of key materials and parts." Russia launched its offensive against Ukraine in February.

"During this period we have fully retained our workforce and ensured our facility was ready to re-start production if the circumstances allowed. However, after six months, we have not been able to resume normal activities and see no indication that we can re-start in the future," Toyota said Friday.

"We must now act in a way that allows us to protect the values and principles that our predecessors built up and be confident that we can pass them on to the next generation," the company added.

Additionally, the company said its operations in Moscow need to be optimized and restructured to service existing Toyota and Lexus customers in Russia.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

September 23, 2022 10:27 ET (14:27 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Toyota Motor (NYSE:TM)
Gráfico Histórico do Ativo
De Out 2022 até Nov 2022 Click aqui para mais gráficos Toyota Motor.
Toyota Motor (NYSE:TM)
Gráfico Histórico do Ativo
De Nov 2021 até Nov 2022 Click aqui para mais gráficos Toyota Motor.