Coating manufacturers exit Russia
Multiple paint and coatings manufacturers are leaving the Russian market. The Finnish company Teknos just announced that its exit from Russia has been finalised.
As a consequence of current situation and its evolution, Teknos Group suspended its Russian operations in March 2022 and in April 2022 announced planning of controlled exit from Russian market. The process has been completed on in early July 2022 as 100% of shares in Russian entity – Teknos OOO – were sold. The company was active in Russia since 2005.
“This is a sad and unique moment in Teknos history. This was the only way to ensure any continuity for our personnel. I wish the new owners’ good luck in running the business, supported by the expertise and experience of our Russian team.” Paula Salastie, Teknos CEO and owner of Teknos Group says.
Teknos is not alone, other large manufactures like BASF from Germany announced to suspend their business activities in Russia. The same accounts for Europe’s largest paint manufacturer Akzo Nobel from the Netherlands. The company suspended its business in Russia which accounts for 2 % of the companies revenue. Akzo Nobel has about 640 employees in Russia.