Dallas-headquartered construction giant Aecom today announced its immediate exit from Russia.
“We support the people of Ukraine who are facing tremendous suffering as a result of Russia’s unlawful invasion,” said Troy Rudd, the company’s chief executive.
“Russia’s actions are inconsistent with Aecom’s values and have compromised the business environment for Aecom, our clients and our joint activities in Russia.
“For Aecom, the impact of these actions is particularly unfortunate for our colleagues from our Russia business, and we have taken steps to provide them support during this transition. As always, our priority continues to be ensuring the safety, security and well-being of our teams throughout the region.”
Aecom said the financial contribution from its Russian-related business is “not material” and reiterated its guidance for all financial metrics for fiscal 2022, as well as long-term fiscal 2024 financial targets.
It said it expected a one-time pre-tax expense of between $40m and $50m in the second quarter of this year, which will be excluded from adjusted earnings. Aecom said the cash impact from this action is expected to be around $10m.