Germany’s Henkel announces decision to exit business activities in Russia
Baku, April 19, AZERTAC
Germany’s L&HC producer Henkel has decided to exit its business activities in Russia, the company said in a statement on Tuesday, according to TASS.
"Against the background of the current developments of the war in Ukraine, Henkel has decided to exit its business activities in Russia," the company said, adding that "the execution process is now being prepared". "Henkel will work closely with its teams in Russia on the details to ensure an orderly process," according to the statement.
Henkel’s 2,500 employees in Russia will continue to be employed and paid as the execution process is being readied, the company noted. "The expected financial impact for Henkel resulting from the planned exit cannot be quantified at this time," the statement said.
Henkel manufactures adhesives, detergents, cosmetics and personal care products at 11 facilities in Russia. On April 4, the company said it continued working in the country. In early March it froze all investments and stopped all advertising and sponsoring activities in Russia amid Moscow’s military operation in Ukraine.
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