December 14, 2010
Contact: Kimmie Lipscomb, [email protected]
Phone: (212) 554-3296
UANI Applauds Transammonia for Ending Its Business in Iran
New York, NY - UANI applauds Transammonia for ending its business in Iran. Following CNBC's segment highlighting Transammonia's business in Iran, UANI, on December 10, 2010, called on Transammonia to sever ties with Iran.
Transammonia responded to UANI on December 13, 2010, and made the following announcement regarding its business in Iran:
Trammo Trading AG concluded that it would begin withdrawing from activities with Iran, subject to any existing contractual obligations. The wind down will be completed as early as possible, but no later than the end of the first half of 2011.
Responding to Transammonia's decision, UANI President, Ambassador Mark D. Wallace, said:
It is unfortunate that private companies persist in hiding behind foreign subsidiaries to conduct business in Iran. We applaud CNBC for shining a bright spotlight on Transammonia's business in Iran and we applaud Transammonia's quick decision to cease that business. Public pressure on companies like Transammonia that do business in Iran for short-term profit will always compel these companies to make the right decision and to end their business in Iran.
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Click here to read UANI's letter to Transammonia.Click here to view the CNBC segment on Transammonia.